..

Bitcoin Miners See Price Move Towards 12K But Will Bloodbath Follow?

Written by:
Jagajeet Chiba
Published on:
May/07/2020

The price of Bitcoin hit just shy of $10,000 Thursday and had been hovering around the $9800 mark by mid-afternoon Eastern Standard Time.

Bitcoin miners see a potential to hit near $12000, and there are plenty of them hoarding the cryptocurrency ahead of halving this coming Tuesday.

Miners have sold less Bitcoin (BTC) over the past seven days as the highly anticipated block reward halving approaches. This means that miners expect the price of Bitcoin to increase substantially over time after the halving occurs. 

Ostensibly, miners hoarding Bitcoin seems positive — but it is not, warns Joseph Young of BitcoinTelegraph.  

Bitcoin miners, especially large-scale centers, run highly sophisticated operations with professional traders and market analysts. They frequently assess liquidity and overall sentiment in the market. If miners deem liquidity in the cryptocurrency market to be low, they refrain from selling. 

When there is not enough buying demand in the market, selling a significant amount of Bitcoin can lead to an abrupt price drop with high slippage. The term slippage is used to describe a movement in the price of an asset when a large sell or buy order is executed. 

Normally, miners hoarding most of the Bitcoin they mine without selling it to cover expenses is not optimistic. 

A new bitcoin mining map by the University of Cambridge shows that China accounts for 65% of the world’s hash power. About half of the country’s hash rate is produced in just one place, the autonomous Xinjiang region, which makes up 35.76% of the global total. 

Launched recently, the university’s Bitcoin Mining Map provides data on the average hash power generated by each country every month. Current statistics cover the period September 2019 to April 2020. 

In Other News

Bitcoin's High Fees Driving Away Businesses:

Bloodbath Coming With Halving?

More Tracking Coming, Warns McAfee - Fruits and Goats Tracking Positive for Covid-19:

- Jagajeet Chiba, Gambling911.com

Business/Financial News

Dow Jumps 400 Points, Nasdaq Surges 2% Following Inflation Report: Latest BetOnline Financial Odds

Dow Jumps 400 Points, Nasdaq Surges 2% Following Inflation Report: Latest BetOnline Financial Odds

Consumer prices rose 8.5% in July, and while that may seem like a lot, it was less than expected as the pace of the rise had slowed.

£9.9 Billion Class Action Lawsuit Filed Against Binance, Kraken, Others

£9.9 Billion Class Action Lawsuit Filed Against Binance, Kraken, Others

A £9.9 billion class action lawsuit has been filed against Binance, Bittylicious, Kraken and Shapeshift.  The plaintiffs are mostly BSV Blockchain investors.

VERDICT: Peter McCormack Liable for Defamation on All Counts

VERDICT: Peter McCormack Liable for Defamation on All Counts

The judge also found that McCormack’s defamatory tweets had caused serious harm to Wright's reputation in the United Kingdom.

Odds on the JetBlue Spirit Airways Merger Getting Approval

Gambling911.com has the odds of a JetBlue Spirit Airways merger receiving approval from the U.S. government by July 2024 set at +130.

Mark Cuban Anticipates SEC to Impose 'Nightmare' Crypto Registration Rules

Mark Cuban Anticipates SEC to Impose 'Nightmare' Crypto Registration Rules

And another serial entrepreneur, Calvin Ayre, asks: "How is anyone surprised that the SEC thinks most token platforms are securities when we have published this", directing folks to an article appearing on CoinGeek entitled: 'Ethereum 2.0 – Ether’s journey from a security to a security'

Syndicate