Bitcoin Remains Bearish, Drops To US$ 23,638.70, Down By 0.92%: See Other Crypto Rates

The cryptocurrency market remains bearish today, following last week's trend. On August 17, till 1.04 pm UTC, Bitcoin fell by 0.92%, and was quoted at US$ 23,638.70, in the intra day trading. Yesterday, Bitcoin closed at US$ 23,857.90. In the last 5 days, Bitcoin gained by only 3.15%, and in the past 1 month, Bitcoin has been up by around 13.72%. The crypto market is a highly volatile space, investors should be cautious before investing.

Other top cryptocurrencies are also down today. Ether was quoted at US$ 1,868.94, down by 0.41%. Yesterday, Ether closed at US$ 1,876.57. Litecoin was quoted at US$ 61.32, down by 0.016%, Dogecoin was quoted at US$ 0.0835 down by 3.78%, and Cardano was quoted at US$ 0.5422 down by 2.77% today, till last traded.

Bitcoin Market Report

"Recent research reveals that Bitcoin miners sell more Bitcoin than they earn. The public miners now have a total of 33,772 BTC. It represents a 27% decrease from the all-time high in April of this year. In May, public miners sold more than 100% of their total production. They increased their sales by nearly 400% in June and July. However, sales were lower in July than in June. In July, miners sold 158% of their Bitcoin production. This was the third month in a row that miners sold more than 100% of what they produced," in a recent report Forbes mentioned.

"According to the study, the May and June market rout created a new generation of forced Bitcoin sellers. This occurred as a result of known institutions dumping nearly 240,000 BTC. According to the research, public Bitcoin miners had spent the previous year amassing one of the largest Bitcoin treasuries as a result of their 'hold at any cost strategy.' The disadvantage of this strategy is that as the Bitcoin price falls, miners who use it are more likely to sell their Bitcoin," Forbes added.