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Bitcoin Price, ETH Whales & Miner FUD: Crypto Updates!

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Crypto Market Dip, Bitcoin Price: Coins and Tokens Drop After Inflation Comes in Higher Than Expected and Geopolitical Risks Rise

Last week, the crypto market experienced a significant dip due to a combination of bearish macro factors. The two biggest factors were higher than expected inflation and rising geopolitical risks. The Consumer Price Index (CPI) for September came in higher than investors were expecting, causing renewed fears of a second wave of inflation. This could potentially force central banks to raise interest rates. Additionally, there are concerns that the domestic conflict in the Middle East could escalate into a regional conflict, leading to higher oil and gas prices and further inflationary pressures.

How Low Could the Crypto Market Go? ETH Whales Exit the Ethereum Foundation and Other Whales Sell ETH

Amidst the market dip, Ethereum (ETH) whales have been exiting the Ethereum Foundation and selling their ETH holdings. The number of ETH whales has significantly decreased since last year, while the number of Bitcoin (BTC) whales has remained relatively steady. This trend suggests that there is less demand for ETH compared to BTC. Additionally, ETH’s supply has become inflationary as transaction fees on the Ethereum network have dropped. This lack of demand for ETH could potentially lead to further price declines.

Bitcoin Miners Beware: Largest Manufacturer of BTC Mining Machines Stops Paying Employees as US Authorities Probe Chinese BTC Mining Operations

Bitmain, the largest manufacturer of Bitcoin mining machines, has reportedly stopped paying its employees and is facing scrutiny from US authorities. This news is concerning as Bitmain has a 95% market share in the Bitcoin mining machine industry. The probe by US authorities is related to the potential connections between Bitcoin mining operations and China. This development could have significant implications for the Bitcoin mining industry, especially if there are further crackdowns or regulatory actions.

Safe Havens Soar: Gold and US Dollar Rise, Treasury Yields Fall

Amidst the macro uncertainty and rising geopolitical risks, safe haven assets like gold and the US dollar have seen a significant increase in value. Investors around the world typically rotate out of risk assets and into safe havens during times of uncertainty. This flight to safety has also led to a decline in long-term interest rates, as investors seek the security of US bonds and treasuries. The US Treasury Department is likely to benefit from this flight to safety, as it needs buyers for its record amounts of debt issuance.

A Closer Look at Last Week’s Top Performing Altcoins and Where They Could Be Headed Next

Despite the overall market dip, there were some altcoins that performed exceptionally well last week. Loom Network (LOOM), Trust Wallet (TWT), Frack Share (FXS), Clayton (CLAY), and Tether Gold (XAUT) all saw significant price increases. These price movements were driven by various factors such as partnerships, developments, and market demand. However, it is important to note that these altcoins are still subject to market volatility and could experience corrections or price declines in the future.

Conclusion

In conclusion, the crypto market experienced a dip last week due to higher than expected inflation and rising geopolitical risks. ETH whales exiting the Ethereum Foundation and selling their holdings, along with a decrease in demand for ETH, could potentially lead to further price declines. Bitcoin miners are also facing challenges, with the largest manufacturer of BTC mining machines reportedly facing financial difficulties. Safe haven assets like gold and the US dollar have seen an increase in value, indicating a flight to safety amidst macro uncertainty. Lastly, some altcoins have performed well despite the market dip, but caution should be exercised as market volatility remains a factor.

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47 Comments

  22. Miners going offline will decrease hash rate and give miners the opportunity to mine cheaper.
    And don't forget the BTC nodes, they also keep the Bitcoin Blockchain safe when the hash rate diminishes…

  26. Everything Going On In The Middle East Right Now Is Driving A Lot Of Very Rapid Changes In Policy Here At Home : "It's Alarming And Should Be A Wake Up Call For Lawmakers And Regulators That Digital Wallets Connected To Hamas Recive Millions Of Dollars In Cryotocurrencies" [Sen Elizabeth Warren] . But The Reality Is That Hamas Stop Using Crypto For Fundraising In April Of This Year Because Of It's Traceability And This Is A Complete Falsehood … Social Credit Scores Coming Soon . 💯%

  31. People in the future will look back at all this completely ridiculous TA and laugh the way we laugh at ancient shamans who foretold the future by throwing bones. Just about as accurate.

  33. Vitalik masterfully executed a strategic move with ETH in 2021, precisely when it hit its all-time high. This remarkable feat remains widely known, yet few discuss this pivotal event. It's intriguing to consider the possibility of a repeat performance should the opportunity arise. The idea of ETH reaching $10,000 seems almost whimsical. One can't help but wonder, will Vitalik employ his unique abilities once more? The enigma persists."

  34. Coin Bureau is The best YouTube channel for everything macroeconomics and crypto and my go to weekly Crypto news channel and roundup 🤩 keep it up Guy!!

  36. If an organization has done more than one massacre of civilians on more than one continent in a different time periods i think you can call it as it is fam which is a terrorist organization

  45. ReefChain is a shining example of how blockchain can transform our world. Their constant commitment to decentralization and innovation is truly impressive. This project doesn't just change the rules of the game, it creates a new game for us all. Continue to inspire and move this industry forward!

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