By Shelly Melancon (Switzerland)
A large sum of Bitcoin has been transferred for the umpteenth time since mid-June, from leading cryptocurrency exchange Binance to a Xapo non-custodial and cold wallet. The past few weeks have seen transfers of large amounts of the flagship cryptocurrency as whales keep buying the dip and storing in anticipation of the bull season. Available data pegs the amount transferred on Tuesday at 3,129 BTC.
Despite the fluctuating state of the crypto market, investors’ confidence surges, leading to a massive accumulation as they prepare for a highly-anticipated uptrend. After posting an all-time high of $65k early May, the price of Bitcoin has retraced by more than 50%. Most crypto enthusiasts envisage a ride to $100k by the time the bulls take over, so the accumulation of the asset is in order.
Coinbase Exchange Reports 7,062 BTC Transfer Early July
The whale transfer of the said BTC amount occurred on 12 July. In the same July, other massive transfers were recorded as well, depleting the total Bitcoin supply on exchanges by 28%. US-based crypto exchange, Coinbase reported a massive transfer of 7,062 BTC from two custodial wallets early this month. According to crypto analytics firm, Glassnode, since April, 140,000 BTC have been moved into exchange. While the total number of BTC being held by exchanges it is tracking amounts to 2.56 million.
Also read:Coinbase also reported another 1,000 BTC transfer on Tuesday. According to reports, wallets already holding 100 to 10,000 BTC increased their holdings. Santiment’s data points to the fact that Bitcoin supply on crypto exchanges recorded an all-time low at the start of July for the first time in half a year. The total amount of both 1,000 and 3,129 BTC transfers observed this week is valued at $135 million.
Bitcoin Mining Difficulty and Hash Rate Slowly Recover
Meanwhile, Bitcoin mining difficulty and hash rate are already making a solid comeback after steadily declining in June following the China-Bitcoin miners showdown. Bitcoin mining difficulty recorded its lowest drop in the history of the flagship cryptocurrency in the wake of 28% drop.
Recent data shows that mining difficulty is rebounding albeit still below its previous ATH. On the other hand, global hash rate has recovered from a 55 EH/s low observed in June to 92 EH/s, though it is still shy of its 171 EH/s high recorded before the June crash.
The recovery has been attributed to the successful migration of mining hardware and resumption of mining activities in other regions. Miners have been reportedly finding solace in regions like Iran, Texas, Kazakhstan, Serbia, Uzbekistan. Also, miners’ confidence in Bitcoin has been regained as accumulation of the crypto asset increases, contrary to events in June where miners were reportedly trading some of their holdings. Price of the asset has been ranging between $32k and $35k since last week, although a $25k bottom is still expected, according to JPMorgan experts.
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