tl;dr
Bitcoin miners are selling off their coin reserves, with a reported spike in BTC transfers to exchanges. This follows a period of reduced revenue post the network's fourth 'halving' event. The increased selling has led to a 3% drop in Bitcoin's price, although it quickly recovered. Mining firms are ...
Bitcoin Miners Sell Off BTC Reserves Post-Halving, Causing 3% Price Correction
Bitcoin's price has experienced a 3% correction due to an influx of BTC transfers to exchanges, following the strain on mining revenue in the aftermath of the fourth 'halving' event. The increased selling came after a two-month period of reduced revenue and a significant drop in the fixed BTC block reward.
Mining firms are likely motivated by Bitcoin's slow rise since April and the substantial revenue loss post-halving. Despite the challenges, Bitcoin's total hash rate has only declined by 4% since the halving, with some mining stocks, like the Valkyrie Bitcoin Miner ETF (WGMI), rising 33% since that time.
Despite facing difficulties, such as seismic revenue loss and slow upward climb, Bitcoin miners have started to dump their coin reserves. This was evident from a reported 3% price correction and a spike in over-the-counter (OTC) selling volume. Mining firms have been sending their BTC to exchanges in droves, reaching a two-month high of 3,000 BTC (worth approximately $207 million) on June 9.
Crypto market intelligence firm CryptoQuant's report highlighted the spike in miner selling via desks, reaching the largest daily volume since late March. Some publicly traded miners have also begun selling, with the likes of Marathon Digital (MARA) selling 1400 BTC in June, representing 8% of their total reserves prior to the sale, and up from 390 BTC throughout all of May.
Despite these challenges, the industry has shown resilience, with Bitcoin miners deemed "extremely underpaid" in May but returning to being "fairly paid" in June post-halving. Despite the decreased rewards, Bitcoin's total hash rate has only declined by 4%, maintaining the difficulty and cost of mining a Bitcoin block. This has not deterred the performance of many mining stocks, with the Valkyrie Bitcoin Miner ETF (WGMI) rising 33% since the halving.
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Stock Market Analysis: C3 Ai Inc (C3)
C3 Ai Inc (C3) operates in the Technology, Services-Prepackaged Software sector with a market cap of 3.87 billion. The stock has shown a -2.34% change in price, closing at 29.35.
The Relative Strength Index (RSI) stands at 2.602, indicating a neutral position. The stock is currently below the 200-day moving average of -0.901.
The trading volume for C3 was 310,582,000, with a beta of 0.196.
Overall, C3 Ai Inc's stock is showing signs of potential stability with neutral RSI and a position below the 200-day moving average. However, the negative price change should be considered in the context of the overall market trend.
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Description: Core Scientific, Inc. provides blockchain and artificial intelligence (AI) infrastructure services in the United States. The company is headquartered in Austin, Texas.
Sector: Technology
Industry: Services-Computer Processing & Data Preparation
Market Cap: 542,047,000
Dividend Yield: None
EPS: 1.323
P/E Ratio: -0.491
Volume: 502,400,000
Current Price: 6.75
52-week High: 0
52-week Low: 0.171
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Stock Analysis: Hut 8 Corp. Common Stock Summary of Technical Analysis
Hut 8 Corp. Common Stock
Sector: FINANCE
Industry: FINANCE SERVICES
Volume: 157,304,000
Current Price: $15.11
52-Week Range: $5.56 - $15.11
Support Level: $2.307
Resistance Level: $2.499
Change: -0.79
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Sector: TECHNOLOGY, SERVICES-COMPUTER PROCESSING & DATA PREPARATION
Revenue: 1810312000
Profit Margin: -0.06
Earnings per Share (EPS): 2.179
Return on Equity (ROE): -0.0532
Volume: 165535000
Dividend Yield: 12
P/E Ratio: 0
Market Cap: 3.798
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Li Auto Inc. Stock Analysis Summary
Li Auto Inc. designs, develops, manufactures, and sells smart electric sport utility vehicles (SUVs) in China. The company is headquartered in Beijing, China.
Industry: Manufacturing, Motor Vehicles & Passenger Car Bodies
Market Cap: 207.91B
Current Price: $12.64
Dividend Yield: None
P/E Ratio: 1.51
52-Week Range: $87.00 - $132.36
RSI (14): 0.087
Volume: 130,697,937
EPS: $37.91
Change from 50-Day Moving Average: -0.378
Change from 200-Day Moving Average: 0.364
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Stock Analysis Summary
Company: Emeren Group Ltd, ReneSola Ltd
Industry: Manufacturing, Semiconductors & Related Devices
Market Cap: 102,534,000
Dividend Yield: None
EPS: -0.16
Revenue: 1,918
Operating Margin: -0.127
Volume: 106,582,000
50-Day Moving Average: 4.88
200-Day Moving Average: 3.42
Relative Strength Index (RSI): 0.148
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Marathon Digital Holdings Inc Summary
Marathon Digital Holdings, Inc. is a cryptocurrency mining digital asset technology company with a focus on the blockchain ecosystem and digital asset generation in the United States. The company is headquartered in Las Vegas, Nevada.
Sector: Real Estate & Construction
Industry: Patent Owners & Lessors
Market Cap: $5,607,666,000
Current Price: $12.39
Dividend Yield: None
P/E Ratio: 1.6
EPS: 2.402
Beta: 0.956
Volume: 501,574,000
50-Day Moving Average: $23.56
200-Day Moving Average: $0.764
Relative Strength Index (RSI): 2.231