Cryptocurrency exchanges received $128 million worth of digital currencies, which is equivalent to 315% of miners’ daily production and set a new all-time high, according to Glassnode.
With Bitcoin being priced at over $30,500 (CoinGecko) and the coin having grown in value by more than 14% over the course of the past week, some analysts speculated this may convince miners to release their stockpiles; however, the price remains largely unaffected.
Michael van de Poppe believes that for Bitcoin to reach new highs, it is necessary for it to keep its standing above $30,500.
Simultaneously, since May, the exchanges’ prices for mining equipment have been in decline-on June 27, the cost of the high-efficiency devices (over 25 J/TH) cost $19.88 per TH/s.
In addition, the cryptocurrency hashprice has also declined, currently sitting at ~0.0025 BTC per TH/s.