Happycoin.club - This week, panicked cryptocurrency traders sold bitcoins worth $1.7 billion at a loss.
According to the research organization Glassnode, from June 16 to 18, short-term investors transferred 16,700 BTC worth $1.7 billion at the current exchange rate to cryptocurrency exchanges, apparently for subsequent coin exchange, for example, for stablecoins. Cryptocurrency traders were not deterred by the financial damage incurred from these operations because they were frightened by the consequences of the armed conflict between Israel and Iran.
Profits and losses incurred by traders who sold bitcoins
The chart shows that the losses of digital asset traders were accompanied by a drop in the BTC price from $109,000 to $103,450. Therefore, it can be confidently assumed that the escalation of the geopolitical situation in the Middle East negatively affected the price of bitcoin and cut short the renewed upward trend.
Employees of the analytical platform Swissblock describe the current situation in the BTC market as a 'blind spot' leading to stagnation. According to them, the selling pressure on the coin's price was too weak to break the support barrier. However, due to low demand for digital assets in the spot market, bulls are unable to seize the initiative. As a result, a flat is observed, which is likely to continue until the end of summer, while market makers are on vacation.
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