2024

Bitcoin

Read

<p class="is-style-lead">As Bitcoin plunged below the $57,000 mark, concerns surged among investors about potential market volatility and its impact on miners.</p> 
<p>On Thursday morning, speculators continued their selling pressure, forcing Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) to dip below $57,000 for the first time since February. As of press time, Bitcoin rebounded above the $57,000 mark, but its previous quick plunge might signal weakness, potentially impacting sentiment among retail traders.</p> 
<figure class="wp-block-image size-large">
 <picture loading="lazy" decoding="async" class="wp-image-14283115"> 
  <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/07/gsidyfhsd-1024x600.png.webp"> 
  <img loading="lazy" decoding="async" width="1024" height="600" src="https://crypto.news/app/uploads/2024/07/gsidyfhsd-1024x600.png" alt="Bitcoin's quick dip below $57k forces beginners to capitulate, CryptoQuant says - 32"> 
 </picture> 
 <figcaption class="wp-element-caption">
  Bitcoin daily price in USD | Source: crypto.news
 </figcaption>
</figure> 
<p>Blockchain research firm CryptoQuant noted that crypto beginners — who bought BTC over the past six to three months — have started moving their coins amid the plunge and “increasing selling pressure.” According to the platform’s <a href="https://x.com/cryptoquant_com/status/1808848168806727953" target="_blank" rel="">data</a>, approximately $2.4 billion worth of BTC controlled by crypto beginners began moving, likely signaling their intention to sell at current market prices.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">💥 BREAKING: Hashprice’s at $44.69, scratching its all time low! <a href="https://t.co/FrgDKXB0yw" target="_blank" rel="">pic.twitter.com/FrgDKXB0yw</a></p>— Hashrate Index 🟧⛏️ (@hashrateindex) <a href="https://twitter.com/hashrateindex/status/1808846849261859254?ref_src=twsrc%5Etfw" target="_blank" rel="">July 4, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p> You might also like: <a href="https://crypto.news/these-countries-have-bitcoin-worth-billions-and-are-selling-up/"> These countries have Bitcoin worth billions… and are selling up </a> </p> 
<p>The market turbulence might also be worsened by miners, who are facing a rapid drop in hashprice, a metric representing miner revenue per terahash. Crypto mining analytics firm Hashrate Index <a href="https://x.com/hashrateindex/status/1808846849261859254" target="_blank" rel="">noted</a> that the hashprice mark amid Bitcoin’s plunge is “scratching its all-time low,” a level last seen during the bear market. As of press time, hashprice is at $44.69, potentially pushing some miners to liquidate their reserves to sustain operational expenses.</p> 
<p>In a May&nbsp;<a href="https://crypto.news/miners-capitulation-looms-if-bitcoin-fails-to-recover-significantly-cryptoquant-says/" target="_blank" rel="noreferrer noopener">exclusive interview</a>&nbsp;with crypto.news, CryptoQuant head of research Julio Moreno noted that the market is “likely to see a miner capitulation if prices don’t recover significantly during the summer,” adding that the hashprice (average miner revenue per hash) is repeatedly “making new lows” following the latest halving. At the time of writing, Bitcoin is trading at $57,336, according to data from crypto.news.</p> 
<p> Read more: <a href="https://crypto.news/bitcoins-halving-unlikely-to-affect-price-in-next-18-months-kaiko-says/"> Bitcoin’s halving unlikely to affect price in next 18 months, Kaiko says </a> </p>

Bitcoin’s quick dip below $57k forces beginners to capitulate, CryptoQuant says

crypto.news

Muita 5. heinäk. 2024 julkaistuja artikkeleja

Can XRP $0.3975 Support Hold Against Bearish Momentum?

Bitcoin, Ethereum, And Dogecoin Plunge As Mt.Gox Moves $2.7B; Biden Trails Trump By Widest Margin...

Ethereum's Strategic Shift: Separating Execution from Consensus in Blocks

Why is Crypto Crashing? What Next For Bitcoin Price?

Bitcoin Advocate Joana Cotar Challenges Germany’s Economic Strategy

Up to 99% of Mt. Gox’s $8.2B Bitcoin could be sold — Analyst

Join our free newsletter for daily crypto updates!