Re: 3 reasons for the recent fall in the price of Bitcoin to the level of $ 10,000
3- The miners sold their bitcoins
Bitcoin miners, and possibly traders, decided yesterday to reduce their risk by selling some bitcoins and save the rewards they received for maintaining the security of the bitcoin network. Prior to the recent crash, it had reported that large numbers of bitcoins had been transferred to exchange wallets, Bitcoin blockchain data. The transfer of bitcoins to exchanges is one of the signs of the possibility of increasing sales pressure. According to CryptoQuant Analytics, bitcoin transfers from mining pools have increased in recent days, and exchanges could be one of the destinations for these bitcoins to sell.
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Ki Young Yu, said:
Extractors are good traders. I think they wanted to take the opportunity to sell, not to go out altogether. I think there will be a war between the miners, between those who want to increase the price of bitcoin and those who do not. Some Chinese miners are aware of the profitability of mining and may not want new competitors to join the industry due to the rising market.
The image below is related to CryptoQuant
Though Ethereum is really hurt in this Dumping losing more than $100 from the previous price.
Miners might consider selling yesterday to at least cover their losses from more than 2 years and taste the product of their Holding.
I support the Miners on this for them to continue Mining because there are many miners who gave up and now stocking their rigs .
Or maybe this is Correction that people only reacted exaggerated?what next is most important because this will decide if we are for Bullish or bearish.