VMPL

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The Impact of Bitcoin Miner Sales on Market Stability

Last week, Bitcoin miners significantly increased their selling activities, contributing to a notable 4.5% drop in the price of Bitcoin to its monthly low. This escalation in sales by Bitcoin miners, as detailed in CryptoQuant's latest report, correlates with the transfer of a substantial amount of BTC to exchanges and direct sales through over-the-counter counters.

Bitcoin miners have been forced to increase their sales due to persistently low revenue streams following the halving, slashing their profits. As the Bitcoin network hash rate remains high, Bitcoin miners are forced to compete under grueling conditions for reduced rewards, exacerbating selling pressure. This increase in sales by Bitcoin miners raises concerns about possible further declines in the value of Bitcoin as market stability is tested.

Potential XRP Bull Run: Key Resistance and Support Levels

XRP is showing signs of a possible bull run as it gradually rises above key support levels, maintaining its position above the 100 hourly simple moving average. The cryptocurrency is forming a steady uptrend, as evidenced by a trendline supporting the bullish movement.