Today in crypto: Peter Schiff says OGs selling to ‘weak’ hands will make future downturns more sever, a solo Bitcoin miner earned 3.146 BTC worth $266,000 with a computing power of only 1.2 TH/s. Bitcoiners are expressing excitement about the increasing odds that the US Federal Reserve will cut rates in December.
Bitcoin rotation to ‘weak’ hands will make future drawdowns more severe: Peter Schiff
You can also find out more about the following: transfer of Bitcoin (BTCFrom strong hands “weak” Continued selling by long-term owners, also known as “OGs,” Peter Schiff, an advocate of gold, believes that Bitcoin’s future downturns could be even more severe.
Schiff continues to be one of Bitcoin’s strongest critics. He believes that Bitcoin is too expensive and doomed to failure. Schiff wrote in an article for Saturday X that Bitcoin is overvalued and destined to fail. said:
“Some argue that after all these years, BTC is finally having its IPO moment now that there’s enough liquidity for the OGs to cash out. I agree, but this much BTC moving from strong to weak hands not only increases the float, but also means future selloffs will be bigger.”
These comments were made amid an overall decline in the cryptocurrency market, and fears among investors that the bear market could have started already.
‘Extremely lucky’ solo Bitcoin miner beats massive odds to win $266K
You can also find out more about the A-Team here. solo Bitcoin miner hit the jackpot On Friday, a small fraction of computational power was needed to solve block 924,569, resulting in a reward of 3.146 BTC. This is worth approximately $266,000
This hobbyist miner struck gold, with an estimated hash rate (TH/s) of 1.2 Terahashes. In an industry that is dominated by large-scale industrial operations, this is just a dust particle in a world dominated exahashes (1 quintillions of hashes per sec).
Con Kolivas is the creator of CKpool. He announced his win on X. “extremely lucky” He noted the event and how unlikely it was. According to his calculations, the odds would be 1.2,000,000 to 1 per day based on the reported hashrate of the miner.
The miner received 3.125 Bitcoin (BTC) from the block subsidy plus 0.021 BTC in transaction fees, bringing the total to just over 3.146 BTC, according to onchain data.
As the odds of an interest rate reduction by December Fed almost double, Bitcoiners are elated.
On social media, bitcoiners today were more positive than they had been a day before. The odds that the US Federal Reserve will cut rates in December have nearly doubled.
Some crypto market participants are speculating that this could be the catalyst Bitcoin needs to halt the asset’s downward trend.
“Let’s see if that’s enough to find a bottom here for now,” crypto analyst Moritz said Bitcoin traded at $85,071, which is down by 10.11% from the previous seven-day period. according CoinMarketCap is a great place to start.
In the last few days, odds for a rate reduction at the Federal Open Market Committee’s (FOMC) December meeting nearly doubled from 65% to 69.40%. according CME’s FedWatch tool. On Thursday it had dropped by nearly 30.30%, to 39.10%.
The market has attributed at least part of the increase to the dovish comments from New York Fed President John Williams. said The Fed has the power to cut interest rates “in the near term” Without endangering its goal of inflation. Bloomberg analyst Joe Weisenthal said The odds were stacked against us. “massively increased.”
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Source: cointelegraph.com
