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Bitcoin hash ribbon points at miner capitulation as holders increase

Haru Invest

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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BTC hash ribbon upcoming convergence signals miner capitulation

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.

Bitcoin on-chain data shows a ray of light in a dark market

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.

Graph showing the net address growth on the Bitcoin network from January 2021 to November 2022 (Source- Glassnode)
Graph showing the net address growth on the Bitcoin network from January 2021 to November 2022 (Source- Glassnode)

Bitfinex’s reserves are 91% Bitcoin, Ethereum

Crypto exchange Bitfinex’s reserves of Bitcoin and Ethereum (ETH) account for 91% of its total holdings. This percentage is 63% for Coinbase, 15% for Binance, and 52% for

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 want justice department to hold FTX execs accountable for collapse

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 defends decentralization, blames SBF, Gensler, CeFi for FTX collapse

U.S. Congressman Tom Emmer argued that the FTX collapse was a failure of centralized finance (CeFi), not a failure of crypto.

Emmer also said that the FTX founder Sam Bankman-Fried (SBF) and the U.S. Securities and Exchange Commission’s (SEC) chairman Gary Gensler

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