04-02-2020, 03:01 PM
Bitcoin’s recent volatility did some severe technical damage to its market structure, and also led to mass capitulation amongst BTC miners, with the crypto’s decline from $10,500 to lows of $3,800 making it no longer profitable for many smaller mining operations.
Miner’s ongoing capitulation is illustrated while looking towards Bitcoin’s hash rate, which has seen a significant decline over the past three weeks.
The decline may be far from over, as a few simple factors seem to suggest that more miners may capitulate in the near-term.
Bulls, however, may be pleased to learn that there’s a strong chance that this decline in hash rate may ultimately be a positive thing for Bitcoin’s price, with the capitulation of smaller miners potentially alleviating some of the selling pressure on the crypto.
@TradeCryptoNow
Miner’s ongoing capitulation is illustrated while looking towards Bitcoin’s hash rate, which has seen a significant decline over the past three weeks.
The decline may be far from over, as a few simple factors seem to suggest that more miners may capitulate in the near-term.
Bulls, however, may be pleased to learn that there’s a strong chance that this decline in hash rate may ultimately be a positive thing for Bitcoin’s price, with the capitulation of smaller miners potentially alleviating some of the selling pressure on the crypto.
@TradeCryptoNow