Bitcoin price falls after Genesis bankruptcy as miners sell BTC - 2 minutes read
Bitcoin (BTC) fell to $20,400 on Wednesday and started to recover yesterday. Last night, the price briefly moved above $21,000 and then peaked at around $21,200. This morning, however, bitcoin has begun to lose traction at $21,000, dropping to $20,920 on Binance and $19,300 on Bitvavo at the time of writing.
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This means that the bitcoin price is up 0.7% today. Trading volume fell 28% in the last 24 hours. The total market capitalization is $404 billion and the dominance is 41.4%. The Fear & Greed Index comes out at 51 (Neutral).
Bitcoin miners send back to exchanges
We have seen this happen more often in recent days: bitcoin miners are once again sending large amounts of BTC to exchanges. CryptoQuant analyst Julio Moreno reports that 2,396 BTC was sent from 1THash to Binance on January 17, and another 3,336 BTC was sent yesterday.
According to analyst IT Tech, a whopping 5,615 BTC, worth about $118 million, was sent to exchanges by miners last week. Usually, this happens when miners want to sell and that can therefore depress the price.
Earnings season has started
As the market awaits the next Federal Open Market Committee (FOMC), which will take place on January 31 and February 1, the earnings season has begun.
During this period, companies publish their quarterly figures and which can influence the prices of stock markets. Yesterday it was Netflix's turn and the share immediately shot up sharply after positive viewing figures.
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According to Barchart, the markets are increasingly reacting strongly to these numbers and weakening to CPI and FOMC.
In addition, analyst Caleb Franzen reports that the 30-day correlation between bitcoin and the S&P 500 is now quite high again.
9.3 million BTC did not move in 2 years
Finally, we have some good news for the long term. On-Chain College reports that 48.58% of the bitcoin supply, or 9.3 million BTC, has not been moved in more than two years. This reflects strong confidence among investors.