The post Bitcoin Wholecoiners Exceed 1 Million, Over $265 Billion Needed For BTC To Break $74,000 appeared on BitcoinEthereumNews.com.

Bitcoin is in focus, especially now that the broader market is in the red and some sectors, mostly meme coins, are sliding. Even as BTC comes under immense selling pressure, on-chain data points to strength. Over 1 Million Bitcoin Wholecoiners While the price struggles for traction, the number of wholecoiners, or addresses with at least 1BTC, is trending higher, currently at record highs.  Data from IntoTheBlock shows that over 1 million unique addresses are now holding more than one BTC. BTC wholecoiners exceed 1 million | Source: @intotheblock via X This spike is a huge milestone that underscores the growing number of individuals aiming for the wholecoiner status. Of importance, however, it means that more people are net bullish on the coin and willing to accumulate it and become wholecoiners. At press time, Bitcoin remains choppy, though the overall trend from a top-down preview is bullish. As it is, BTC is being influenced by a range of fundamental factors. Most of them include the current economic uncertainty, with analysts closely monitoring data from the United States. Bitcoin price trending lower on the daily chart | Source: BTCUSDT on Binance, TradingView Although the United States Federal Reserve will slash interest rates this year, their decision to reduce it once this year, not twice or thrice as expected, is seen as bearish for BTC. Economists said the central bank would turn dovish, reversing its position from 2022 to 2023 by reducing interest rates from current record highs. Since the last meeting earlier this month, BTC prices have been edging lower as the USD strengthens. The slide has been made worse by Mt. Gox trustees’ decision to compensate victims in July, not October as initially planned. At the same time, the German and United States governments have been unloading the coin. BTC Remains Choppy,…

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Filed under: News - @ June 28, 2024 5:20 am