As the market prepares for important economic events, key changes are occurring in the Bitcoin market that may influence its value.
Return of Miners to Spotlight
Bitcoin miners are back in focus. Their actions, whether to hold or sell cryptocurrency, can significantly impact market sentiment. In recent 30 days, miner selling volumes have decreased slightly, indicating their preference to hold assets in anticipation of price rises.
Cryptocurrency Tax Cuts in Japan
Japan has announced plans to cut cryptocurrency taxes from 55% to 20%. This decision will allow investors to retain more profits from their cryptocurrency investments, potentially boosting investment in Bitcoin and other altcoins. The new tax rules will be similar to those applied to the stock market.
Historical Profitability of Bitcoin
The recent price recovery of Bitcoin has led to an increase in profitability, with the percentage of supply in profit reaching 92%. Historically, such levels have signaled the start of aggressive bullish trends. However, Bitcoin's price dipped slightly over the weekend, indicating cautious investor sentiment ahead of important economic announcements this week.
Current landmark events in the Bitcoin market, such as miner movements and tax changes in Japan, shape an optimistic outlook for the future; however, economic news may also impact short-term indicators.
