BRN Analyst: Miners Seem to Be Accumulating Bitcoin
BRN's chief analyst Valentin Fournier said that in addition to accumulating mining rewards, mining companies seem to directly purchase bitcoin from the market to increase their reserves. He added: "They triggered the HashRibbon signal, which is a long-term bullish indicator, indicating the end of miner capitulation and an increase in processing power for mining bitcoin."
One of the miners participating in large-scale bitcoin purchases is MARA, which recently renamed from Marathon Digital and announced on Thursday that it has purchased an additional $100 million worth of bitcoin.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Demand for mining equipment has skyrocketed in Russia
FIFA and Mythical Bring “FIFA Rivals” to Polkadot
FIFA, the world’s biggest name in football (or soccer as Americans call it), has partnered with Mythical Games to create an exciting new mobile game called FIFA Rivals
241126: Ether Favored in Crypto Rotation as Bitcoin Recoils Off $100K Sell Wall
After a prolonged downtrend relative to bitcoin (BTC), Ethereum's ether (ETH) is showing signs of a resurgence. ETH, the second-largest cryptocurrency on the market, gained over 4% in the past 24 hours, while BTC lost 1.5% during the same time, dipping below $95,000 during the Monday session. The o
Why Qubetics Could Be the Best-Performing Coin in November 2024 And How It Stands Up Against Near Protocol and Avalanche
Trending news
MoreCrypto prices
More
