High inflation sees Bitcoin dipping anyway, taking market losses to $1T since 12th May

31 May 2021

???? BTC | $35,281 (+1,427, +4.2%)

???? ETH | $2,358 (+148, +6.7%)

???? XRP | $0.92 (+0.11, +13.3%)

???? LTC | $169 (+10, +6.4%)

Bitcoin’s price charts have conclusively fallen beneath several key momentum-based indicators, such as the 100 and 200-day Moving Averages. The 21-week, weekly Exponential Moving Average (EMA) in particular has seen Bitcoin close two weeks in a row below it, where it has acted as a strong support for the bull market since April 2020.

Chinese Bitcoin miners are fleeing the country and selling large amounts of Bitcoin while they are doing so, likely to fund their moves. This is happening as regulators adopt stronger language including declaring the cracking down on Bitcoin mining and trading as a priority. Evidence is however building that more miners are simply in the process of relocating to other countries.

A project (Belt Finance) on Ethereum-killer Binance Smart Chain (BSC) suffered a flash loan attack over the weekend, in what seems to be and increasingly regular occurrence for the network.

Chainalysis data is showing that large Bitcoin holders have scooped up over 1 million BTC (around $3B) from short-term Bitcoin holders over the past few weeks. Interestingly, most of these holders held their coins for less than 3 months, and were sold mostly at a loss of between 5% and 25%.