Bitcoin Failed the $11 000 Level. Are Miners Guilty?

Kataryna Habeliia September 4, 2020

BitXmi

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Bitcoin Failed the $11 000 support level, on Thursday, September 3.

In a short time, the quotes were at the $ 10,720 mark. The chart below shows that the fall in price was accompanied by a surge in trading volumes, which indicates strong selling pressure.

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Against the background of Bitcoin’s loss of 4.5% in 24 hours, the CryptoQuant analytical company recorded an outflow of funds from mining pools.

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According to the company, three pools — Poolin, Slush, and HaoBTC — were withdrawn on Wednesday, September 2, 1630 BTC amid the decline in the BTC rate.

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According to CryptoQuant CEO Ki Young Ju, miners can take advantage of the situation to strengthen their position, as bitcoin is now worth higher than for most of 2020.

“I think this will be a war of miners between those who expect the price of bitcoin to rise and those who do not want it,” — said Ki Young Ju

The CryptoQuant CEO considers a market collapse unlikely, despite the outflow of funds to exchanges. In his opinion, miners do not leave the market but are simply looking for opportunities to sell cryptocurrency.

Amsterdam Stock Exchange analyst Michael van de Poppe admitted the rise in the BTC rate to $ 11,200, at which altcoins are likely to rebound. The expert called this mark the critical level.

Almost all top-10 cryptocurrencies collapsed along with BTC. Over the past 24 hours, only DOT remains in the green zone. LINK and LTC lost the most.

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Together with the leading cryptocurrency, the market continued to fall. Ethereum dropped below $ 400 again.

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DeFi token prices have collapsed in sync with the cryptocurrency market. In the last 24 hours, the UMA, for example, has lost almost 27%. Most of the leading coins also have double digits.

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Bitcoin began to rally from the end of July until it fell below $ 10,000. PhutureDAO co-founder Charles Storey partially linked the success of the first cryptocurrency with an increase in investment in the DeFi sector.

Earlier, the price of bitcoins used in the Lightning Network reached a new maximum. The total number of coins in payment channels was 1,060 BTC, and the cost was $ 12.4 million.

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