Miners are dealing with the low price of BTC, with Core Scientific selling over 7,000 BTC in June. Hut8 now has 5,800 farms in Ontario and claims that all BTC will be frozen. The analysis was prepared by KickEX exchange analysts
Riot Blockchain has begun to move away from its New York hosting site, and Marathon continues to hold all BTC, but hints at a change in strategy. Vauld is the latest firm to stop withdrawing customer funds, and Nexo is reportedly interested in acquiring the troubled crypto lender. Voyager is seeking bankruptcy protection, and despite claiming to protect customer deposits, its bank has noted that is not the case. The company is also facing delisting from the Toronto Stock Exchange.
It appears that FTX will now absorb BlockFi in a deal worth $680 million. Celcius is still actively pursuing debt payments, but also faces fraud allegations in a new lawsuit. Genesis has finally confirmed its dependence on Three Arrows Capital, and CoinLoan is limiting user withdrawals.
None of this can tell us about positive news events that will take the BTC price to the moon. Therefore, continued accumulation after an unsuccessful attempt to break out of the upper level of the $21,800 consolidation zone tells us about weakness.
Scenario 1:return to the lower consolidation level of $18 500.
Scenario 2: consolidation above $21,800 and approaching $26,700.
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