America’s largest bank, JPMorgan believes that Bitcoin miners wanting to sell their share of BTC could impact the overall price of the flagship cryptocurrency negatively.
<h2>Miners Can Create Pressure on BTC's Price</h2>
In a note from Friday, JPMorgan strategists led by Nikolaos Panigirtzoglou noted that publicly-listed miners which account for about 20% of the total have been increasingly selling their holdings throughout the past two months, <a href="https://www.bnnbloomberg.ca/jpmorgan-says-bitcoin-miner-sales-may-keep-pressuring-price-1.1783648" target="_blank" rel="nofollow noopener">reported</a> Bloomberg. At the same time, privately-held miners have also done the same for liquidity amid the current bearish situation, the report adds.

The strategists also noted that more Bitcoin mining companies are going to do the same in the coming times. And that could create pressure on BTC's price.
<blockquote><em>“Offloading of Bitcoins by miners, in order to meet ongoing costs or to delever, could continue into Q3 if their profitability fails to improve. That offloading has likely already weighed on prices in May and June, though there is a risk that this pressure could continue,”</em> the strategists wrote.</blockquote>
<h2><strong>Miners Have Dumped Nearly $400B Worth BTC </strong></h2>
Over the past ten days, Bitcoin miners have dumped a total amount of 18,251 BTC worth $391,984,027 at the time of writing, according to a report from IntoTheBlock.

https://twitter.com/intotheblock/status/1539936244393803782

Meanwhile, <a href="https://www.cryptoknowmics.com/news/kengen-is-offering-bitcoin-mining-firms-geothermal-power/" target="_blank" rel="noopener">Bitcoin mining</a> difficulty had witnessed a significant drop, falling 2.35% in the past two weeks. This is the second large negative adjustment since this year began and the fifth adjustment of mining difficulty for Bitcoin this year overall.

Bitcoin Miner Sales Could Pressure BTC’s Price, Says JPMorgan

JPMorgan believes that Bitcoin miners wanting to sell their share of BTC could impact the overall price of the flagship cryptocurrency negatively.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Bitcoin Miner Sales Could Pressure BTC’s Price, Says JPMorgan

Top Picks