Bitcoin hash ribbon points at miner capitulation as holders increase

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The biggest news in the Cryptoverse on Nov. 23 included Bitcoin Hash Ribbon metric showing upcoming miner capitulation, on-chain data revealing investors taking advantage of lower prices, It includes Bitcoin and Ethereum, which account for 91% of Bitfinex’s total reserves.

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Upcoming Convergence of BTC Hash Ribbons Shows Miners Capitulation

Bitcoin (BTC) miners have sold at their most aggressive rates in the past two years. This indicates that future hash rate adjustments will be negative in the next epoch.

Bitcoin hash ribbons are often used to identify price bottoms. Bitcoin price drops as hash ribbon signals upcoming miner capitulation.

Now, the convergence of hash ribbons indicates that the end of this capitalization period is nearing, and the market is likely to turn upwards.

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

After the FTX crash, Bitcoin is struggling to recover to a bear market price of around $20,000. Notably, he fell below his $16,000 over the weekend of November 19-20.

While this may be a bearish price, it was seen by many as a great buying opportunity. It shows that the number of addresses with balances is decreasing.

Graph showing the growth of Bitcoin network net addresses from January 2021 to November 2022 (Source - Glassnode)
Graph showing the growth of Bitcoin network net addresses from January 2021 to November 2022 (Source – Glassnode)

Bitfinex Reserves 91% Bitcoin, Ethereum

Bitcoin and Ethereum (ETH) owned by cryptocurrency exchange Bitfinex account for 91% of the total holdings. This percentage is 63% for Coinbase, 15% for Binance and 52% for

According to the exchange’s margin, Bitfinex’s 91% Bitcoin and Ethereum reserves are worth 207,356.67967717 Bitcoin and 1,225.600 Ethereum.

US Senator wants Justice Department to hold FTX executives accountable for collapse

US Senators Elizabeth Watten and Sheldon Whitehouse wrote a letter to the US Department of Justice (DOJ). They called on DOJ to hold FTX management “responsible to the fullest extent of the law” for FTX’s demise.

US Congressman Defends Decentralization, Blames SBF, Gensler, CeFi for FTX Collapse

US Congressman Tom Emer argued that the collapse of FTX was a failure of centralized finance (CeFi) and not of cryptocurrencies.

Emmer also said FTX founder Sam Bankman-Fried (SBF) and U.S. Securities and Exchange Commission (SEC) chairman Gary Gensler share responsibility.

Referring to the relationship between the SEC and SBF, Emer said the SEC is working with SBF and has given him special treatment that other exchanges have not.

Record amount of Bitcoin leaves exchanges in preparation for contagion impact

Over the past 30 days, 136,882 Bitcoins have been withdrawn from exchanges. This represents his 0.7% of the total supply in circulation.

FX net position fluctuation
FX net position fluctuation

The graph above also shows the massive outflow of Bitcoin since 2016, indicating that the current level of outflow is at its highest. Even at the peak of the Terra (LUNA) crash contagion, about 120,000 Bitcoins left the exchange.

Mango Market Hackers’ Attempt to Exploit Aave Failed

Avraham Eisenberg, Mango Market exploiter, transferred USD Coin (USDC) worth $40 million to Aave (AAVE) for the purpose of borrowing and shorting Curve DAO Token (CRV). This strategy is known as Eisenberg’s “extremely profitable trading strategy”, which he previously exploited in the mango market.

But in the case of the CRV token, Eisenberg’s plan didn’t pan out as the community rallied behind it, causing a 46% surge in the last 24 hours.

Hackers steal $42 million from Fenbushi Capital founder’s wallet

Bo Shen, General Partner of Fenbushi Capital, was hit by malicious actors who stole $42 million from a personal wallet on November 10th.

Shen revealed the attack via his personal Twitter account on November 23rd. According to blockchain security firm Beosin, the hack was due to a compromised private key.

Modern Mining Equipment Raises Difficulty Limiting Competition

Cybersecurity analyst Matt C noted the growing pressure of modern mining rigs against previous generation miners.

Considering the hash cost of $0.07/kWh, Antminer S19XP has emerged as the most profitable mining rig.

News around Cryptoverse

Genesis Meets Investors, Undoes Loans

The CEO of Genesis has issued a letter to Genesis clients informing them that management has met with potential investors and is working out a solution to solve the illiquidity problem in lending services. According to the letter, Genesis will decide on its future course of action.

Apple buys rights to SBF book

Renowned author Michael Lewis spent six months at SBF before the exchange collapsed and will write a book that sheds light on SBF’s crypto empire. is about to enter into a book rights deal with Lewis. McRumors.

Onomy Raises $10M To Integrate DeFi And Forex

The Onomy protocol has raised $10 million in a private round from investors including Bitfinex and Ava Labs. This protocol aims to integrate DeFi and the forex market.

crypto market

Over the past 24 hours, Bitcoin (BTC) rose 2.73% to trade at $16.566 while Ethereum (ETH) rose 3.97% to trade at $1,172.

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