The price of Bitcoin (BTC) has broken the $17,000 level, refreshing 2020 high. The chart below shows a jump in price against the background of a surge in trading volumes.
Update: The “printing press” of the Tether stablecoin has revived. Among the recipients of the new issue is the Binance cryptocurrency exchange.
? 17,000,000 #USDT (17,143,301 USD) transferred from Tether Treasury to #BinanceTx: https://t.co/Z69Rt3LvdV
— Whale Alert (@whale_alert) November 17, 2020
Against the backdrop of rising bitcoin, the percentage of supply of coins that have been lying motionless for more than two years has dropped to new lows.
? #Bitcoin $BTC Percent Supply Last Active 2+ Years just reached a 3-month low of 44.012%Previous 3-month low of 44.013% was observed earlier today
View metric:https://t.co/QABODbVlQG pic.twitter.com/na7zy9h340
— glassnode alerts (@glassnodealerts) November 17, 2020
Analyst Willie Wu stressed that miners have been selling much more coins per hour over the past week than a month ago – 328 BTC versus 11 BTC. Thus, the price is steadily growing despite the increased pressure from the bears.
Since #Bitcoin was at $11.4k a month ago, miners have been selling an average 11 BTC per hr at exchanges.In comparison 214 BTC per hr has been scooped off exchanges. This is net flows of buyers over sellers.
This week’s average is 328 BTC per hr.
(@glassnode data)
— Willy Woo (@woonomic) November 17, 2020
