8/30/2023 0 Comments Alpha blocks k![]() Most miners who sold their BTC this year aimed to secure profits by taking advantage of the recent price surge. The COO at Luxor Technologies, Ethan Vera, estimated that miners’ debt has reduced to around $4.5 billion to $6 billion from the $8 billion recorded in 2022. However, BTC miners appear to have bucked the trend this year, as many are in better financial health. ![]() Last year, BTC miners were one of the cohorts badly affected by the record-low market situation that led to the capitulation of several crypto firms, including FTX and others. “Increased miner profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher.” Standard Chartered noted the critical role BTC miners could play in this potential upward price movement.Īccording to Geoff Kendrick, one of the bank’s FX analysts, BTC’s price could increase because miners’ profitability has risen, and they are not pressured to sell. ![]() “If history is any guide, then there is now a 100% probability that by the end of 2024, Bitcoin will experience another massive bull market with a price target of $125,000 (+310%).” Standard Chartered highlights miners’ role Markus Thielen, the head of research and strategy at Matrixport, said: Standard’s Chartered prediction is congruent with Matrixport, a crypto financial services platform that predicted BTC’s price to reach $125,000 by 2024 in a report shared with CryptoSlate on July 6. International bank Standard Chartered predicted that Bitcoin’s ( BTC) price could end the year as high as $50,000 and reach $120,000 by next year, according to a July 10 Reuters report.
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