Psalion’s Post

Bitcoin declined over 6% in the past week, diverging from its typically positive correlation with the tech-heavy Nasdaq Composite Index, which climbed to an all-time high. Profit-taking by long-term holders and increased selling by miners have emerged as major contributors to the decline. Notably, earlier this week, a wallet that had been inactive since 2018 moved 8,000 BTC, worth over $500 million, to the crypto exchange Binance, signaling potential selling pressure. This wallet reportedly acquired the BTC at less than $4,000, indicating significant profit-taking at current prices. Data from analytics firm CryptoQuant reveals that the number of BTC inactive for at least one or two years has declined, suggesting that holders are taking profits as Bitcoin's price holds near record highs. Mt. Gox, a crypto exchange that collapsed due to a hack in 2014, is gearing up to distribute 142,000 BTC, worth roughly $9.5 billion, and 143,000 Bitcoin Cash (BCH), worth $73 million, to creditors. This distribution could pose a substantial overhang on digital asset prices, with the trustees of the defunct exchange having set an October 31, 2024, deadline to reimburse creditors. Another reason for BTC's price weakness is the increased selling by miners, who receive BTC as a reward for validating transactions on the blockchain. Listed miner Marathon Digital (MARA) has sold 1,400 BTC, worth $98 million, this month alone. CryptoQuant data shows that miners sold at least 1,200 BTC on June 10 via over-the-counter desks, marking the highest single-day volume in over two months. Lstly, despite the Federal Reserve's recent decision to signal only one U.S. interest rate cut for the rest of the year, technology stocks extended their gains, indicating that broader market factors are not solely responsible for Bitcoin's decline. Instead, it appears that specific events within the cryptocurrency market, such as long-term holders cashing out, miner sell-offs, and impending distributions from Mt. Gox, are exerting downward pressure on BTC's price. #Bitcoin #BTC #Cryptocurrency #Nasdaq #CryptoMarket #ProfitTaking #Miners #CryptoNews #Blockchain #Investing #DigitalAssets #MtGox #MarketAnalysis #CryptoTrading #FinancialMarkets https://lnkd.in/d9K4Pav4

The Coinbase/Binance premium is a very interesting data point. In the past when there is a spike in the premiums, it has indeed been followed by a rally in Bitcoin prices. My thoughts via Forbes Crypto https://lnkd.in/eyx-RU27

🚨 Meet 'Mr. 100' – the whale looming over Bitcoin's horizon. Dive into the details and implications as we unravel everything you need to know about this potential market mover. Know more: https://bit.ly/49EVP4c For more such updates visit VoiceOfCrypto.online 🌐📰 #VOC #VoiceOfCrypto #CryptoNews #Bitcoin #CryptoWhale

Binance to delist four altcoins, including Monero (XMR) from trading to protect users, and Monero crumbled 35% since the delisting announcement, losing over $1B in market cap. Binance, the leading cryptocurrency exchange, issued a three-week notice on four altcoins, which will be completely removed from the platform.  The ##XMR #Announcement #BINANCE #Crumbled #Delisting #Following #Monero

Top Crypto Daily News 04/11/2024 📉 Inactive #Bitcoin supply drops to an 18-month low as holders begin selling off. Is the bull market peak near? #CryptoNews [https://buff.ly/3VRebLh] 💔 Hopes for an Ethereum ETF dampen amid the SEC's crypto crackdown. The future of #Ethereum ETFs looks uncertain. #CryptoRegulation [https://buff.ly/3UfP4Rn] 🚀 EigenLayer's mainnet & EigenDA launch! A big leap for Ethereum's scalability & security. #DeFi #Ethereum [https://buff.ly/3VV3szr] 🤯 a16z unveils Jolt, a zkVM aiming to revolutionize blockchain privacy & scalability. #BlockchainTech #a16z [https://buff.ly/3JzfJm5] 🌌 EigenLayer dubbed "The Blackhole for Ethereum" captures over 1% of ETH supply. #Ethereum #CryptoYield [https://buff.ly/3JzfJ5z] 🌍 The transition from "Dial-Up to Broadband" in blockchain, spotlighting L2 solutions like Arbitrum. #BlockchainEvolution #Layer2 [https://buff.ly/4aTRMS5] 🎨 Christie's to auction Bitcoin Ordinals, highlighting the cultural impact of #Ordinals in digital art. #NFTs #Bitcoin [https://buff.ly/3TXq7Zx] 🏔️ Arthur Hayes shares insights on navigating market uncertainties and the importance of timing in trading. #CryptoMarkets [https://buff.ly/4aN4eCW] 💵 PYUSD sees a 38% circulation drop in March, marking a significant decrease in market cap. #Stablecoins #PayPal [https://buff.ly/3TWUNKe] 🚀 Monad Labs, an alternative to Ethereum, raises $225M to improve transaction throughput. #Blockchain #CryptoInvestment [https://buff.ly/3VQashf] 📊 Invest in the best yields DeFi has to offer within seconds! #DeFiInvestment #BestYields [[https://lnkd.in/gzqesz49) updated with #CryptoDailyNews! 🌐✨ 🔥 Stay ahead in the crypto world with #CryptoDailyNews! For all the latest updates, follow us on Twitter @Defaime and join our [Discord](https://buff.ly/3Hc9VNV) community. Dive deep into crypto trends and discussions. 🌟🌐 #StayInformed #CryptoCommunity

Top Crypto Daily News 04/11/2024 📉 Inactive #Bitcoin supply drops to an 18-month low as holders begin selling off. Is the bull market peak near? #CryptoNews [https://buff.ly/3VRebLh] 💔 Hopes for an Ethereum ETF dampen amid the SEC's crypto crackdown. The future of #Ethereum ETFs looks uncertain. #CryptoRegulation [https://buff.ly/3UfP4Rn] 🚀 EigenLayer's mainnet & EigenDA launch! A big leap for Ethereum's scalability & security. #DeFi #Ethereum [https://buff.ly/3VV3szr] 🤯 a16z unveils Jolt, a zkVM aiming to revolutionize blockchain privacy & scalability. #BlockchainTech #a16z [https://buff.ly/3JzfJm5] 🌌 EigenLayer dubbed "The Blackhole for Ethereum" captures over 1% of ETH supply. #Ethereum #CryptoYield [https://buff.ly/3JzfJ5z] 🌍 The transition from "Dial-Up to Broadband" in blockchain, spotlighting L2 solutions like Arbitrum. #BlockchainEvolution #Layer2 [https://buff.ly/4aTRMS5] 🎨 Christie's to auction Bitcoin Ordinals, highlighting the cultural impact of #Ordinals in digital art. #NFTs #Bitcoin [https://buff.ly/3TXq7Zx] 🏔️ Arthur Hayes shares insights on navigating market uncertainties and the importance of timing in trading. #CryptoMarkets [https://buff.ly/4aN4eCW] 💵 PYUSD sees a 38% circulation drop in March, marking a significant decrease in market cap. #Stablecoins #PayPal [https://buff.ly/3TWUNKe] 🚀 Monad Labs, an alternative to Ethereum, raises $225M to improve transaction throughput. #Blockchain #CryptoInvestment [https://buff.ly/3VQashf] 📊 Invest in the best yields DeFi has to offer within seconds! #DeFiInvestment #BestYields [[https://lnkd.in/gWBsBu23) updated with #CryptoDailyNews! 🌐✨ 🔥 Stay ahead in the crypto world with #CryptoDailyNews! For all the latest updates, follow us on Twitter @Defaime and join our [Discord](https://buff.ly/3Hc9VNV) community. Dive deep into crypto trends and discussions. 🌟🌐 #StayInformed #CryptoCommunity

XRP Price Retreats To $0.50 As Whale Unloads 30 Million Tokens – Details https://lnkd.in/de9Xk5DJ #News #Ripple #crypto #Bitcoin #CryptocurrencyMarketNews #news #Ripple #Whale #xrp #XRPPrice #XRPUSD

Warning: Binance Labels These 10 Altcoins as 'High-Risk'! As the cryptocurrency market consolidates after the recent rally, Bitcoin continues to hold its ground above $63,000. Altcoins are also showing resistance, but amidst this market turbulence, Binance, https://lnkd.in/eZH75fEP #Crypto #altcoins #binance #high-risk #Orion #transparency