Bitcoin [BTC] Miners Recording Massive BTC Outflows, Will Bulls Survive? |

Bitcoin [BTC] Miners Recording Massive BTC Outflows, Will Bulls Survive? |

Just a day ago Bitcoin was seen lounging above 10K. However, in just a day’s time, the price of the coin plummeted back to the 9K zone. As per CoinMarketCap, Bitcoin witnessed a 5.91% drop in its price over the past 24-hours, at press time.

Bitcoin’s New York  Minute

Merely 24-hours ago, the crypto community were rejoicing Bitcoin’s breach of the 10K zone. Several prominent members of the crypto community even went on to soothsay that there was no turning back for the king coin. While the community thought that the Halycon Days were here, Bitcoin’s price went crashing back to 9K. At the time of writing, Bitcoin’s price was down to $9,527 after reaching a high of $10,178.75, just yesterday.

The Bitcoin blockchain underwent its third halving on 11 May 2020, where the block reward for miners lessened to 6.25 BTC from 12.5 BTC. The crypto industry expected the price of Bitcoin to ascend soon after the halving and it did as expected. However, the reason behind the price drop is still under speculation.

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