The biggest news in the cryptoverse for Nov. 23 includes Bitcoin hash ribbon metric’s indication of an upcoming miner capitulation, on-chain data revealing investors taking advantage of the low prices, and Bitcoin and Ethereum consisting 91% of Bitfinex’s total reserves.
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Bitcoin (BTC) miners have been selling at the most aggressive rate over the last two years, which indicates that the upcoming hash rate adjustment will be negative in the next epoch.
The Bitcoin hash ribbons are often used to identify price bottoms. When the hash ribbon signals an upcoming miner capitulation, the Bitcoin price falls.
Currently, the hash ribbon convergence signals that the end of this capitalization period is nearly over, and an upwards turn in the market is likely.
After the FTX collapse, Bitcoin has been struggling to recover to its bear market price of around $20,000. Especially over the weekend of 19-20 November, Bitcoin remained below $16,000.
While this may be a bearish price, it was seen as a major buying opportunity for many. On-chain data shows that the number of wallets that hold Bitcoin has been increasing while the number of addresses with non-zero balances is decreasing.
According to the exchanges’ proof of reserves, Bitfinex’s 91%-large Bitcoin and Ethereum reserves equate to 207,356.67967717 Bitcoins and 1,225.600 Ethereums.
U.S. Senators Elizabeth Watten and Sheldon Whitehouse composed a letter to the U.S. Department of Justice (DOJ). They requested DOJ to hold FTX executives “accountable to the fullest extent of the law” of the FTX collapse.
U.S. Congressman Tom Emmer argued that the FTX collapse was a failure of centralized finance (CeFi), not a failure of crypto.