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Bitcoin Cash Miners Withdrawing Funds Signal Bearish Trend

Bitcoin Cash miners have been rapidly withdrawing funds from their reserves, indicating a potential decline in the altcoin's value. This comes after a surge in trading activity last month led to a 200% increase in price, prompting miners to capitalize on the opportunity. However, the price of Bitcoin Cash has since dropped by 28%, and the withdrawal of funds by miners could put further downward pressure on the price.

The hashrate of Bitcoin Cash has also declined by over 50% since its yearly high on June 30, indicating a significant number of miners have stopped mining the cryptocurrency and withdrawn their funds. Despite this, BCH still shows strong support from investors and trading volume remains high.

Bitcoin Bitcoin $94,828.69
-2.54%
Bitcoin Cash Miners
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