During the second quarter of this year, 2020, Bitcoin miners reduced the percentage of cryptom currencies sent to the exchanges. This figure was reported by the company Chainalysis. This is the lowest percentage in the period of one year, as seen in the report of this firm cited by CoinDesk.
It should be noted that miners are among the main actors influencing Bitcoin prices. The miners of the main kryptonie are constantly selling their BTCs at the exchanges to cover operating costs on their farms.
This means that the extent to which these sales are high or low depends on many factors. In turn, they are influenced by other factors such as cost or level of difficulty, which stimulate the level of shipments to the exchanges by crypto extractors.
Bitcoin miners expect a price increase
According to the CoinDesk portal, the Bitcoin miners reduced the sending of crypto-currencies to the exchanges with a motive. It’s that they hope to sell them at a better price in the coming months. This would explain the drop in Bitcoin’s daily sales.
Like all goods, the price of Etoro depends on factors such as the volume available. That is, the more BTCs are available for sale, the lower their price and vice versa. By reducing the supply to the exchanges, the miners could create a limited volume of supply, causing the price of this crypt currency to rise.
This explains why, when the charts point to a rise in price, the miners hold on to their BTCs, expecting an improvement in their price. This fact, in turn, further drives this possible increase, explains CoinDesk.
What is important to note is that the miners kept their share of shipments to the exchange portals low despite the recovery of Bitcoin. It should be remembered that, between March and May, the price of the most popular of the crypto currencies recovered from $3,800 to almost $10,000.
After the May 11 Halving, the price of Bitcoin stagnated in the range of $9,100 and $9,900. At the time of writing, the price of Bitcoin stands at approximately $9,200 per coin.
Exchanges accept 147,000 BTCs from risky addresses by 2020
A big price hike for December
According to multiple analysts, the price of Bitcoin after cuts (halvings) tends to shoot up a year after the event. Bloomberg forecasts that by December 2020, the price of Bitcoin could „defy“ the historic figure of $20,000 per unit.
If this were to happen, it would confirm not only Bloomberg’s analysis, but also the miners‘ instinct. The miners have refused to let the exchanges go any further than necessary to, as discussed, cover the operating expenses needed for their mining centers.
Bitcoin’s price stability is a factor that keeps investors and holders on edge. The low level of volatility is one of the lowest in crypto history. Since March 2010, when Bitcoin’s volatility level reached 0%, there has not been a period of calm as long as this one.