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Summary

The Bitcoin network experienced a decline in transaction activity in June, leading to lower TPS rates and reduced profitability for miners post-halving.

Introduction

Recent data shows a significant drop in Bitcoin network activity, including block size and transaction rates, following a sudden decline on June 7. Analysts are predicting a price rebound for Bitcoin in the near future.

Main Points

The decline in Bitcoin blockchain activity has impacted TPS rates, with an average of 9.12 TPS as of the latest data. The reduction in block rewards after the halving event in April has also affected miners’ profitability and participation in network activities.

The liquidation of long Bitcoin holdings worth $61 million in the past 24 hours, along with significant short positions, indicates a bearish trend in the market. Despite this, analysts remain optimistic about Bitcoin’s potential recovery in the coming weeks.

Conclusion

Experts suggest that the current decline in price and network activity could lead to a further correction in Bitcoin’s value, potentially dropping below $60,000. Despite these challenges, there is hope for a rebound, and cryptocurrency investors are closely monitoring developments, including positive signs for assets like Polygon (MATIC) poised for recovery.

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