• Bitcoin miners' holdings hit two-year high
• A “critical bug” has left 13% of Ethereum nodes useless
The cryptocurrency market has taken a breath during the past week with some downside recently. However, according to blockchain data, large market participants are still in an accumulation mode, which may mean that they expect further price increases. Meanwhile some of the tokens affiliated with the DeFi space posted good results which is reflected in increasing trade volumes on decentralized exchanges. Bitcoin's market dominance increased to 59.1%. The capitalization of all digital assets in circulation reached over 357 billion, while an average daily trading volume is registered at $99 billion.
Bitcoin Miners' holdings reached almost 2 million BTC
The amount of bitcoins currently held by miners is at the highest level in the last two years. According to the addresses of wallets tracked by Glassnode, miners own over 1.82 million BTC. The data also shows that the percentage of all bitcoins that have been inactive for at least a year is rising after hitting four-year highs in June. One potential reason for this behavior is equipment rotation as miners order, pick up and deploy new machines in their operations. This process, according to the vice president of strategy at data center and mining infrastructure company GRIID, Harry Sudock, takes about six months and means fewer coins have to be sold to cover operating costs.
Bitcoin price has barely changed since the beginning of the day despite wild gyrations on Thursday, following Fed's Powell speech. Currently Bitcoin is testing local resistance at $11 400. Breaking above it may lead to a bigger upward movement towards key resistance at $12 000. On the other hand, if sellers will manage to regain control, the support at $11 000 may be at risk. Source: xStation5Fatal error in Ethereum nodes
A “critical bug” in Parity-Ethereum and OpenEthereum versions 2.7 and later made 13% of Ethereum nodes useless as it stops nodes from syncing with the network's latest block. The experts noted that such bugs are an issue as it takes too much time to fix them. Also, the experts noted that they put additional strain on the most popular client, Geth, and makes the network even more centralized.
Ethereum price is testing upper limit of the downward channel which is additionally strengthened by 50 MA (green line). Should a break above resistance at $407.67. However if sellers manage to halt advance here, another downward impulse may be on the cards. Local support is located at $360.94. Source: xStation5The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
