Bitcoin Outlook Clouded by Falling Miner Reserves Ahead of April’s Halving

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7 Feb 2024

Bitcoin Outlook Clouded by Falling Miner Reserves Ahead of April’s Halving

Amount of Bitcoin held by miners has declined of late
Reserves drop may signal a headwind for Bitcoin’s price

By Sidhartha Shukla and David Pan
February 7, 2024 at 11:08 AM GMT+6

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Bitcoin miners are getting a jump on an anticipated decline in revenue from the so-called halving in April, when the blockchain’s network protocol will reduce rewards for verifying transactions by half.
Miner reserves — unsold Bitcoin held in digital wallets associated with the companies — have dropped by 8,400 tokens since the start of 2024 to 1.8 million, a level last seen in June 2021, according to data compiled by CryptoQuant. Analysts said the decrease indicates miners are selling tokens.
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Stocks Pare Gains as Traders Weigh China Support: Markets Wrap

Hong Kong stocks erase rally while China shares volatile
Investors are gearing up for record sale of 10-year Treasuries

By Winnie Hsu
February 7, 2024 at 4:55 AM GMT+6
Updated on February 7, 2024 at 12:56 PM GMT+6

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Stocks in Asia came off their session highs as investors weighed the impact of China’s efforts to prop up the market and a slew of cautious remarks from Federal Reserve officials.
Shares in Hong Kong dipped while those on the mainland whipsawed before moving higher again, pointing to doubts over the potency of Beijing’s measures to stabilize the market. Volatility is likely big as Chinese markets are closed for a weeklong Lunar New Year holiday starting Friday.
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Tesla Sold Only One Car in Korea in January

EV sales are hurt by inflation to concerns about car fires
Consumers await government announcement on subsidies

Tesla’s Model Y electric vehicle.Photographer: Samsul Said/Bloomberg
By Heejin Kim
February 7, 2024 at 10:53 AM GMT+6

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Tesla Inc. sold just one electric vehicle in South Korea in January as a raft of headwinds, from safety concerns to price and a lack of charging infrastructure, weigh on demand.
The company’s sale of a solitary Model Y SUV was its worst month since July 2022, when the Austin, Texas-based automaker sold no vehicles at all, according to data from Seoul-based researcher Carisyou and the Korean trade ministry. Across all carmakers, the number of new EVs registered in Korea fell 80% in January from December, Carisyou data show.
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