In January 2021, Bitcoin miners’ transfers to all crypto exchanges broke a record for BTC transactions. The data belongs to the Unfolded team, who made the observation with CryptoQuant’s graphics.
“BITCOIN THAT MINERS SEND TO THE EXCHANGE IS AT RECORD LEVELS. TRANSACTIONS FROM ALL MINERS TO ALL EXCHANGES REACHED THE HIGHEST LEVEL ANNUAL. ”
High Bitcoin miner transactions could be linked to the Chinese New Year
According to the news in EthereumWorldNews, the high number of Bitcoin transactions and the proliferation of miners’ BTC inflow to crypto exchanges may be linked to the effort to make profits ahead of the Chinese New Year. This year, the sixteen-day New Year event will kick off on February 12th. China’s New Year is celebrated with various events, meals, and travels.
It is a widely known fact that most of the bitcoin mining is done in China. As such, BTC miners may be willing to take a few days off to celebrate the New Year with their family and friends. According to the news source, funding for such activities will likely come from Bitcoin sold through crypto exchanges.
“BTC may collapse to $ 22,000”
Bitcoin had risen to $ 38,000 yesterday with Elon Musk doping. However, the price shows signs of weakness. The leading cryptocurrency hovers around a price of $ 33,700. According to EthereumWorldNews author John Njui, it could drop further with tomorrow’s weekly and monthly close.
Bitcoin’s weakness also caught the attention of popular Bitcoin and altcoin analyst MagicPoopCannon. The analyst estimates that a correction below $ 22,000 is likely before further growth occurs. He used the following statements:
“I BELIEVE THAT THE PROBABILITY OF FALLING TO 22,000 DOLLARS IS HIGHER BEFORE BTC HITS TO THE HIGHEST LEVEL OF ALL TIMES, ALTHOUGH THE RECENT FLUCTION.”