Crypto Chronicle with NewsCrypto
Welcome NewsCrypto readers!
Today we are going to discuss whether it is the time to sell Bitcoin and who is already selling large quantities. We will also take at the clown from Wall Street who was talking about Bitcoin on Jan 17th an SAT
Here's what we got on the menu today:
1. The Wall Street Clown 🤡
2. Bitcoin Miners Are Selling
3. Funny meme
The Wall Street Clown 🤡
The Diminishing Impact of Dimon's Diatribes
Tere was a time when Dimon's words carried significant weight in the world of finance. His opinions could sway markets and stir up the community. But those days are behind us. The crypto world has moved on from villainizing Dimon and his "hella centralized bank token" to focusing on figures like Gary Gensler of the SEC, who wield regulatory power over the industry.
The Cry of the Crypto Wolf
Dimon's frustration with the constant Bitcoin questions is almost palpable. He's vowed that this is the last time he'll state his opinion on the matter. But let's be honest, who believes that the next time he's asked about Bitcoin, he'll simply say, "no comment"? It's like expecting a cat to walk past a dangling string without swatting at it.
Dimon's stance on Bitcoin is outright ludicrous. Just yesterday (January 17th) he appeared on CNBC at Davos and said that gold is limited in supply while he doubts that Bitcoin will stop at 21 million. He went as far as saying that he thinks “Satashi” (yeah, he can’t even pronounce the name) will just laugh when the production should stop, in 2140, then go quiet and erase all of the bitcoins. Let’s think about this for a second - bitcoin was created in 2009 and let’s just assume that Satoshi was at least 20 years old at that time therefore in 2140 Satoshi would be 151 years old.
Bitcoin Miners Are Selling
The Bitcoin miners have their moments of frenzy, as evidenced by yesterday’s sell-off of a staggering $450 million worth of Bitcoin in just one day. Let's break down this event with a mix of professionalism and a dash of humor, shall we?
The Bitcoin miners sold over 10,000 BTC, marking the largest daily decline in miner reserves in over a year. For those not fluent in crypto lingo, that's a lot of digital dough changing hands!
Why Sell Now ?
You might be wondering, "Why would miners sell now?" Well, it's a bit like deciding to sell your vintage wine collection. Sometimes, the market is just too tempting. Miners typically go through phases of accumulation and selling, and it seems we've hit the "Let's make some money" phase.
Bitcoin prices have been hovering in the $42,000 to $43,000 range recently. For miners, this is like hearing the dinner bell in a gold rush camp. Historically, they sell coins to replenish cash flow or capture higher prices in a rally. And who can blame them? A miner's gotta eat (or at least pay the electricity bill).
The Numbers Game
The data shows that Bitcoin miner reserves are at their lowest levels since July 2021, sitting at about 1.83 million coins, a substantial stash valued at approximately $78 billion.
The Bigger Picture
This sell-off is more than just a few miners deciding to cash in their chips. It's a reflection of the broader dynamics at play in the Bitcoin ecosystem. With the Bitcoin halving event on the horizon in April or May, miners are positioning themselves strategically.
Hash Rate Hiccups
Amidst this selling spree, the average hash rates have dropped to their lowest levels since October, around 400 exahashes per second. This is significant because the hash rate is a key indicator of the network's health and security. It's like checking the pulse of Bitcoin – and right now, it's showing that Bitcoin might need a bit of a breather.
The Texas Twist
Adding to the drama, several large mining facilities in Texas recently powered down some operations to secure energy for the state amid extreme cold weather. This is a reminder that even in the digital realm, real-world factors like weather can have a significant impact.