Increasing competition between large mining companies, reduced demand for transfers and increasing mining difficulty may push miners to actively sell, Glassnode says.
“The reduction in fees from commissions is the main factor that forms negative sentiment among miners and is capable of reducing balances in the first cryptocurrency,” the experts noted.
Additional reasons for the negative sentiment were a decrease in demand from investors and a decrease in the number of transactions from speculators, analysts explained. On centralized crypto exchanges, the speculative volume of assets has decreased, and the market has entered a low-risk zone, which could provoke sharp fluctuations in the Bitcoin exchange rate in either direction, Glassnode experts emphasized.
Earlier, Glassnode stated that the key risk group for the Bitcoin rate is short-term holders, as they exert strong downward pressure on the value of the first cryptocurrency.
Source: Bits
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