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16:11

20 June

Gate.io’s Daily Market Trends (June 20th): Funds Cut Down But Coin Holdings, Bitcoin Hashrate Falls Due to Mining Closures

Author: Gate.io Researchers: Gazer. C



As of 12:20 on the 20th, Beijing time, the spot price of Bitcoin was $35,660.36, and the price of Ethereum was $2,200.29. Continuing the decline of the previous two days, the cryptocurrency market continued to fall. Bitcoin fell from $36,580 to a lowest of $34,728. After hitting the bottom, it rebounded but the upward strength was not strong. After many rises, it quickly corrected and fell. After bottoming at $35,122 on the morning of the 20th, it showed an upward trend. The current support level is at $36,200 at the top and $35,100 at the bottom. The Greed and Panic Index is at 21, which is down from the previous day. The market continues to go out of extreme panic.



According to ByteTree, bitcoin fund holdings by U.S. and Canadian closed-ended funds and Canadian and European exchange-traded funds fell to 782,555 BTC, hitting the lowest since Feb.25. In the Past three days alone, holdings have declined by more than 15,000 BTC.


Based on the Data from OKLink, the hashrate for bitcoin mining fell to 125.85EH/s, about 30% from the highest of 181EH/s. Due to the regulation, one of the main crypto mining cities in Sichuan shut down all mining projects. As a result, the hashrate of several mining pools fell significantly.


K-Bank, NH Bank and Shinhan Bank are now working on the risk assessment about money laundering with three Crypto exchanges including Upbit, Bithumb Coinone and Korbit..


According to a report in theTims, U.K. bank TSB is set to ban its more than 5 million customers from transfering money into certain crypto exchanges including Kraken, based on the concern over “excessively high” rates of fraud on such trading platforms.


Author: Gate.io Researchers: Gazer. C
*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.


Gate.io Spot Quotes (as of 12:20 CST)
BTC:$35660.36(+1.92%);ETH:$2,200.29(+0.78%);DOGE:$0.284586(-0.49%);GT:$3.609(+0.73.%);XRP:$0.75077(-4.03%);ADA:$1.4003(+0.08%);DOT:$20.398(-1.67%)

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