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Bitcoin miners keep selling – BTC price under pressure

 


Core Scientific announced in a release yesterday that it sold around $167 million in bitcoin last month. According to this, the mining company achieved an average price of $23,000 per BTC sold.


Core Scientific primarily wants to secure additional liquidity and thus improve its balance sheet in times of high inflation. This also includes debt reduction and counter-financing of ongoing operating costs. In order to ensure this, one wants to continue to sell Bitcoin in the future instead of hoarding BTC. After parting with 7,202 BTC, the company owned an additional 1,959 bitcoins as of June 30.


Other miners have also had to tighten their belts in the past two months. However, the sales serve to secure the business. The hash rate in the Bitcoin network has not dropped more sharply so far, but remains stable. A capitulation in the sense of giving up the business or in the form of insolvencies has not set in.


When will the liberation come?

The pressure on the Bitcoin price from sales from various liquidations of the lending crisis and from the miners was noticeable in the last 60 days. However, the fact that the market has had to do without a significant rally so far this summer could soon change.


After all, the initial shock caused by the sales should slowly wear off. In addition, the risks from the lending crisis are becoming more manageable. Although negative headlines such as Voyager Digital's bankruptcy are pouring in, it is more important that no new construction sites are opened. Then it can be assumed that no further contagion effects are to be expected.


In the end, it is only the fear of interest rates that stands in the way of a recovery. The Fed will hold another FOMC meeting this month and usually the results of these meetings are relevant to the market. In the event of a further interest rate hike, the bearish sentiment that has dominated the market since the beginning of the year is likely to persist.

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