The agreement comes at a time when Bitcoin miners’ revenue has dropped significantly since the halving in April.
Reducing mining difficulty leads to a decline in the network’s overall hashing power. This change can benefit smaller miners, who will face less competition and potentially return to profitability.
WIF has seen its value soar by more than 900% over the past year. Similarly, PEPE has surged by approximately 500% during the same period.
Typically, large institutions prefer OTC trading to minimize market impact.
The heightened crowd fear could lead to a sudden Bitcoin and altcoin price rebound in the near term despite the ongoing Mt. Gox repayments.
Deribit’s data highlights that traders are concentrating on put options at strike prices of $58,000, $52,000, and $48,000. This behavior suggests that traders either anticipate potential support at these price levels or are actively hedging against a decline.
Despite the positive inflow, volumes in exchange-traded products (ETPs) remained remarkably low, currently standing at around $7.9 billion as of last week.
U.S.-listed mining companies increased their share of newly minted Bitcoin from 19.1% to 20.8% in June, due to added mining capacity and a decline in network hashrate, according to Jeffries.
HIVE Digital’s latest acquisition of 1,000 S21 Pro miners is ready to ship and the company would be installing this entire new fleet of miners by the end of July.
Bitcoin price action has experienced significant bearish sentiments fueled by the Mt. Gox repayments and ongoing sell-offs by the German government.
The current BTC holdings of the German government constitute a large part of the Bitcoin daily trading volume, accounting for almost 9%.
The impact of the liquidation was more severe on long traders, who incurred losses of nearly $34 million, compared to short traders who lost just over $17 million.
TeraWulf, which currently mines most of its BTC using nuclear energy, said that it will continue to remain profitable until BTC price stays above $40,000.
The decline in Bitcoin followed the movement of a substantial amount of BTC by Mt. Gox, the once-dominant crypto exchange.
Ethereum is also facing major selling pressure. The cryptocurrency is trading around $2,830 zone.