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Miner Selling Pressure Drops. Analyst Predicts Bitcoin Supply Crisis Underway

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<p>Fundamental factors carrying Bitcoin through the rally are increasing. From old-time buyers halting traditional sales patterns, to institutions accumulating more Bitcoin, the market is poised to move with more vim.</p>

<p>Other key players in the market are Bitcoin miners, who have recently stopped selling their Bitcoins. Bitcoin miners reportedly desisted Bitcoin sales and began stacking for the past two days. According to data presented by Glassnode, miners have accumulated an estimated 8874 Bitcoin ($516,266,247 at current market rate).</p>

<p>The habit of stacking, instead of selling became noticeable among miners in December of 2020. Miners have since withheld a large portion of their proceeds and forfeited short-term gains. In the long-term, miners converting to “become net purchasers of BTC rather than sellers,” is a possibility that MicroStrategy’s Michael Saylor isn’t ruling out.</p>

<h2 id=”h-bitcoin-risk-reward-ratio-promising-for-miners-and-long-term-hodlers”><strong>Bitcoin risk/reward ratio promising for miners and long-term hodlers</strong></h2>

<p>The Bitcoin reserve risk/reward ratio is presenting a big opportunity for buyers. This can be credited in part, as a reason why miners and long-term hodlers have resolved to buy. Data from <a href=”https://twitter.com/glassnode/status/1374461183789465605?s=20″>Glassnode reveals</a> that long-term holders are extremely committed to accumulating at current price levels, as Bitcoin’s risk reserve hits 0.008; a very conducive zone for the asset in this bull market.</p>

<p><em>“Reserve Risk indicates a strong conviction of long-term holders at these price levels. The current risk/reward ratio to invest and hodl is still attractive compared to previous BTC cycle tops.”</em>– Glassnode.</p><div class=”td-a-rec td-a-rec-id-content_inline tdi_2 td_block_template_5″>
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<p>With buying pressure increasing on a daily basis, analysts are now predicting that a Bitcoin supply crisis might be underway. To start with, Bitcoin exchanges are recording a significant drop in supply. Last month, the leading cryptocurrency exchange Coinbase saw nearly $1 billion worth of Bitcoin leave its platform.</p>

<p>Analysts have traced the massive transfer to be institutional investors accumulating more Bitcoin. On-chain analyst Willy Woo had observed at the time, that the whale transfers could mean that long-term Bitcoin holders, who are known to only sell very little from their Bitcoin holdings, are opening their pockets and filling it with as much Bitcoin as possible.</p>

<figure class=”wp-block-image size-large”><img loading=”lazy” width=”1024″ height=”561″ src=”https://zycrypto.com/wp-content/uploads/2021/04/BTCUSD-1024×561.png” alt=”BTCUSD” class=”wp-image-50361″ srcset=”https://zycrypto.com/wp-content/uploads/2021/04/BTCUSD-1024×561.png 1024w, https://zycrypto.com/wp-content/uploads/2021/04/BTCUSD-300×164.png 300w, https://zycrypto.com/wp-content/uploads/2021/04/BTCUSD-768×421.png 768w, https://zycrypto.com/wp-content/uploads/2021/04/BTCUSD.png 1481w” sizes=”(max-width: 1024px) 100vw, 1024px”><figcaption><a href=”https://www.tradingview.com/symbols/BTCUSD/”>BTCUSD Chart</a> By TradingView</figcaption></figure>

<h2 id=”h-bitcoin-s-supply-dip-is-bullish-for-bitcoin-in-the-long-term”><strong>Bitcoin’s Supply dip is bullish for Bitcoin in the long term</strong></h2>

<p>Coincidentally, the decline in Bitcoin’s supply at exchanges tallies with market patterns in 2017, when supply dropped, and prices spiked shortly after. </p>

<p>As such, the reduction in Bitcoin’s supply during this period could once again result in a massive price jump. With Bitcoin’s market cap hitting $1.11 trillion and supply movement subsiding, Woo is convinced that the chances of a drop below that mark are very unlikely.</p>

<p><em>“10% of Bitcoin’s money supply last moved at prices above $1T market cap. This is strong validation of BTC as a trillion-dollar asset bucket, a new asset class has arrived.”</em> <a href=”https://twitter.com/woonomic/status/1378340760299315203?s=20″>He wrote</a>.</p>
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<summary><b>DISCLAIMER</b> <u>Read More</u></summary>
<p>The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.</p>
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Sun, 04 Apr 2021 19:25:08 +0000 Adrian Klent
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Miner Selling Pressure Drops. Analyst Predicts Bitcoin Supply Crisis Underway

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Argentina’s Central Bank Begins Mandatory Search for Bank Users Affiliated With Crypto

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<p>The Central Bank of the Argentine Republic (BCRA) has asked operating banks within its jurisdiction to acquire and supply details of all their clients who have transacted in cryptocurrencies.</p>

<p>In a sheet which was leaked by the local Bitcoin community on Twitter, the apex bank mandated banks within the Republic to provide information as regards each client’s Unique Tax Identification Code (CUIT), address, number of account, type of account, and the names of those authorized to use the account in question.</p>

<figure class=”wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter”><div class=”wp-block-embed__wrapper” readability=”7.3746478873239″>
<blockquote class=”twitter-tweet” data-width=”550″ data-dnt=”true” readability=”8.6760563380282″><p lang=”en” dir=”ltr”>Argentina’s Central Bank (the one with 50% annual inflation) is requesting banks to complete a sheet to identify clients known to have, trade or do payments with cryptoassets.</p><p>Here a message from a bank association to their members (leaked by the local <a href=”https://twitter.com/hashtag/Bitcoin?src=hash&ref_src=twsrc%5Etfw”>#Bitcoin</a> community): <a href=”https://t.co/Rba2rAJXDu”>pic.twitter.com/Rba2rAJXDu</a></p>— Franco Amati ??⚡ (@franamati) <a href=”https://twitter.com/franamati/status/1377990749632004098?ref_src=twsrc%5Etfw”>April 2, 2021</a></blockquote>
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<p>Attached with the sheet is a message that further stated that this request for data is necessary and within the area of operation of the BCRA because it has <em>“monitoring functions of payment systems.”</em></p>

<p>As opposed to speculations that it could be a step towards blockade of accounts that have transacted with digital assets, the Central Bank later confirmed the authenticity of the sheet to a local news platform, adding that the exercise is aimed at ascertaining whether or not it is necessary for crypto assets to have greater regulations in the country. However, the country’s Crypto community is not convinced.</p>

<p>The leaked publication has so far been met with open strictures with a handful of Argentine nationals taking to Twitter to question why the bank would make such a request [because apparently, they are still skeptical about the transparency of the BCRA in this regard], and some implying that absolute regulation of cryptocurrencies in the country is rather impractical.</p><div class=”td-a-rec td-a-rec-id-content_inline tdi_2 td_block_template_5″>
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<p>While Bitcoin and other cryptocurrencies are increasingly being used in Argentina, the country’s financial authorities have in the past sought to place strict regulatory measures on all digital assets.</p>

<p>Sometime last year, the country’s Financial Information Unit (FIU) mandated every financial entity that deals with Bitcoin or any cryptocurrency to send data on all cryptocurrency transactions made within its platform, stating that this exercise is for the purpose of adapting the system <em>“for the prevention of money laundering and terrorism financing in the country.”</em></p>

<p>Later on, the BCRA decided to establish stricter conditions for the acquisition of dollars, highlighting that companies who wish to acquire dollars should not have “liquid assets” which include “crypto-assets” among other requirements.</p>

<p>Regardless of these strict measures imposed by the government in the bid to transform its otherwise slipshod attitude towards virtual assets regulations to painfully stern, Argentina recently ranks among the top Latin American countries with the use of cryptocurrencies. Its neighbor, Bolivia, has completely banned cryptocurrencies and exchanges.</p>

<p>This increasing demand for cryptocurrencies in Argentina is majorly influenced by the country’s financial issues which were only exacerbated by the pandemic. Cryptocurrency exchanges within the country experienced massive growth at the close of 2020, with Ripio—the country’s biggest exchange—closing the year with 1 million users from its 400,000 record at the beginning.</p>
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Argentina’s Central Bank Begins Mandatory Search for Bank Users Affiliated With Crypto

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Rapper Snoop Dogg On Being A Big Bitcoin Believer

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<p>Renowned American Rapper Snoop Dogg has recently revealed he is a big Bitcoin believer. In an <a href=”https://www.vanityfair.com/news/2021/04/snoop-dogg-talks-crypto-clubhouse-and-nfts/amp”>interview with VanityFair</a>, Snoop Dogg explained that he’s been a fan of the asset, he added that Bitcoin brings a global connection to the world, one that he is very confident in.</p>

<p><em>“One hundred. I believe in it. I believe in the technology and I believe in the global connection it creates.”</em> He told VF.</p>

<p>When asked if he thought Bitcoin was a temporary trend that would die down after the pandemic, he explained that Bitcoin is a futuristic asset and that the pandemic only <em>“puts gas on the fire.” </em></p>

<p>“<em>The future is unfolding right before us. I don’t see it as a pandemic fad…” He added.</em></p>

<p>It seems that the rapper has already become familiar with the volatility of the Bitcoin market, and understands that price dips are surges that do not embody the inherent value of the asset. For Snoop, prices are not fundamental determiners of Bitcoins’ credibility. The rapper explains he’s certain that Bitcoin will stand the test of time.</p><div class=”td-a-rec td-a-rec-id-content_inline tdi_2 td_block_template_5″>
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<p><em>“I’m not too caught up in the value of the coin, because I’ve been around long enough to see things go up and go down, and I know it’s here to stay.” </em>Snoop asserted.</p>

<p>As Bitcoin continues to receive attention from mainstream media, more celebrities have been name-dropping the asset and expressing their fascination with the leading digital currency. </p>

<p>Most recently, Paris Hilton made an official entrance into the Bitcoin community. The popular socialite joined the Bitcoin “laser eye” trend to show support for Bitcoin as community members continue rooting for the asset to hit $100,000.</p>

<p>However, for the rapper Snoop Dogg, Bitcoin isn’t the only technology he’s fascinated with and he’s just as interested in NFTs. Snoop, who is set to launch an NFT dubbed “A Journey With the Dogg” which contains a handful of some of his original music, other fan favorites, and his very own “Snoop Dogge Coin,”—a digital currency in his name, which was inspired by DogeCoin—is excited to jump in on the NFT train with other A-list celebrities.</p>

<p>This week, as we <a href=”https://zycrypto.com/the-weeknd-announces-first-nft-drop/”>reported earlier</a>, the Weeknd propelled his first NFT, making him one of the first few singers to jump into the industry.</p>

<p>For Snoop Dogg, NFTs create an alternative medium for artists to connect with their fans. Instead of consuming an artist’s work through downloading and purchasing, fans can engage with artists on a deeper level when they buy these exclusive artworks. <em>“When I saw that I could create original art, tell a story, and combine it with an original track I was all in.”</em> He concludes.</p>
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