Meta Digest

Glimmer of Hope for Bitcoin Before Going Red Again


Bitcoin was among the cryptocurrencies heavily affected by the crypto market crash, but after a nine-week losing streak, the coin finally saw green last Sunday. The positive weekly close picked up gains across the board of the market.

The Monday rally showed Bitcoin and Ethereum, among many others, see 24-hour gains of more than 5%. However, of the top ten coins, it was Cardano that stood out, going up by 9% for the day, equal to $0.611.

Meanwhile, Bitcoin stood at $31,577, up by 6% for the past 24 hours, while Ethereum traded at $1,897, up almost 6% simultaneously.

The price hike for the top coins in the market occurred when Bitcoin miners started selling previously-hoarded coins to try to cover operating costs.

In May, miners transferred about 195,663 BTC, marking the most significant monthly increase since January. With an average monthly price of $32,000 per coin, the value of BTC sent to exchanges is $6.3 billion.

Bitcoin miner Riot Blockchain was revealed to be stockpiling Bitcoin on a bet that prices would keep appreciating. Meanwhile, small miners like Cathedra Bitcoin Inc shared that selling was necessary to alleviate the financial situation.

“We have spent the last several weeks restructuring our balance sheet and operations to ensure Cathedra is well-positioned to endure a prolonged economic downturn,” said Cathedra CEO AJ Scalia.

The gains on Sunday printed its first green candle in 10 weeks, finally breaking the record-long losing streak. However, the good news wouldn’t last as the coin again went red.

Today, Bitcoin plummeted to $29,487, making the week’s gains redundant.

According to data from CoinGlass, roughly $143.08 million worth of cryptocurrencies was liquidated in the past 24 hours. 84% of the wipeout can be attributed to long positions.

Binance’s BNB coin was the most heavily affected of the top ten coins, plunging by nearly 10% after the U.S. Securities and Exchange Commission launched an investigation.

U.S. stock index futures once again went red after major market indices revealed mild gains on Monday.

Opinions expressed by Meta Digest contributors are their own.