Bitcoin News Today – Headlines for March 19
发布时间：2020-03-20 09:23:54 发布人：TokenString
Bitcoin News Today – The past couple of weeks have been terrible for Bitcoin (BTC) and the altcoin markets. The world’s largest digital currency has plunged from recent highs of $10,500 to below the $4k level. The digital currency plummeted to the low of $3,500 before it amassed traction and returned to over the $5k level.
The Traditional Markets Are in Tandem Bitcoin
However, the digital currency market is not facing these trying times alone, as the plummeting of the traditional markets triggered the intense volatility in the crypto market. The traditional markets have been caught within an intense downtrend over the past couple of weeks.
The current massive sell-off has significantly increased the unprofitability of BTC miners. It is also leading to a decrease of the hashrate of the digital currency. The shift in the profitability of miners could have an impact on the price of bitcoin in the short-term also, as miners are now disincentivized from selling their digital currency.
Bitcoin (BTC) Price Today – BTC / USD
#
Name
Price
24H %
1
Bitcoin(BTC)
$6,204.22
15.33%
Bitcoin Mining Becomes Largely Unprofitable and Hashrate Plunges
Although the mining cost of one BTC differs geographically based on electricity rates, the recent sell-off has made it unprofitable for BTC miners to continue their operations. This has led many miners to shut down their mining equipment, which is resulting in the plunge of the digital currency’s hashrate. An on-chain analytics platform – Glassnode – recently talked about the widespread mining unprofitability in a tweet.
The platform also said that the precarious position of BTC from a price prospect has resulted in its hashrate to experience a rapid and ongoing decline. The tweet states:
Due to the declining BTC price, it is now unprofitable for many miners to continue their operations. Since its peak on March 7th, the 7DMA of Bitcoin’s hashrate has fallen by ~16% – with hashing power disappearing even faster after the drop to $5k.”
DUE TO THE DECLINING $BTC PRICE, IT IS NOW UNPROFITABLE FOR MANY MINERS TO CONTINUE THEIR OPERATIONS.
SINCE ITS PEAK ON MARCH 7TH, THE 7DMA OF #BITCOIN'S HASHRATE HAS FALLEN BY ~16% – WITH HASHING POWER DISAPPEARING EVEN FASTER AFTER THE DROP TO $5K.HTTPS://T.CO/5BNFHPTXFXPIC.TWITTER.COM/X9UW8HOCGD
— GLASSNODE (@GLASSNODE) MARCH 18, 2020
Bitcoin Will Not Stay Low for Too Long
Miners provide the crypto with an unrelenting, steady flow of selling pressure, as they continue to sell their generated coins to fund their operations. However, when the price of Bitcoin plunges below the mining cost, miners resorted to selling only the amount of tokens they need to fund their operations, which helps to relieve some of the selling pressure on the digital currency.
This encourages the buyers of the digital currency and makes it easier for them to absorb the selling pressure of Bitcoin (BTC). It also incentivizes BTC miners to continue amassing as much Bitcoin as they can so that they can sell it later to make a profit. However, the price of BTC might plunge further below its current levels, but it will not stay down for long, as the reduction in selling pressure could give bulls more traction.
Bitcoin News Today – The past couple of weeks have been terrible for Bitcoin (BTC) and the altcoin markets. The world’s largest digital currency has plunged from recent highs of $10,500 to below the $4k level. The digital currency plummeted to the low of $3,500 before it amassed traction and returned to over the $5k level.
The Traditional Markets Are in Tandem Bitcoin
However, the digital currency market is not facing these trying times alone, as the plummeting of the traditional markets triggered the intense volatility in the crypto market. The traditional markets have been caught within an intense downtrend over the past couple of weeks.
The current massive sell-off has significantly increased the unprofitability of BTC miners. It is also leading to a decrease of the hashrate of the digital currency. The shift in the profitability of miners could have an impact on the price of bitcoin in the short-term also, as miners are now disincentivized from selling their digital currency.
Bitcoin (BTC) Price Today – BTC / USD
| # | Name | Price | 24H % |
|---|---|---|---|
| 1 |
|
$6,204.22 |
15.33%
|
Bitcoin Mining Becomes Largely Unprofitable and Hashrate Plunges
Although the mining cost of one BTC differs geographically based on electricity rates, the recent sell-off has made it unprofitable for BTC miners to continue their operations. This has led many miners to shut down their mining equipment, which is resulting in the plunge of the digital currency’s hashrate. An on-chain analytics platform – Glassnode – recently talked about the widespread mining unprofitability in a tweet.
The platform also said that the precarious position of BTC from a price prospect has resulted in its hashrate to experience a rapid and ongoing decline. The tweet states:
Due to the declining BTC price, it is now unprofitable for many miners to continue their operations. Since its peak on March 7th, the 7DMA of Bitcoin’s hashrate has fallen by ~16% – with hashing power disappearing even faster after the drop to $5k.”
DUE TO THE DECLINING $BTC PRICE, IT IS NOW UNPROFITABLE FOR MANY MINERS TO CONTINUE THEIR OPERATIONS.
SINCE ITS PEAK ON MARCH 7TH, THE 7DMA OF #BITCOIN'S HASHRATE HAS FALLEN BY ~16% – WITH HASHING POWER DISAPPEARING EVEN FASTER AFTER THE DROP TO $5K.HTTPS://T.CO/5BNFHPTXFXPIC.TWITTER.COM/X9UW8HOCGD
— GLASSNODE (@GLASSNODE) MARCH 18, 2020
Bitcoin Will Not Stay Low for Too Long
Miners provide the crypto with an unrelenting, steady flow of selling pressure, as they continue to sell their generated coins to fund their operations. However, when the price of Bitcoin plunges below the mining cost, miners resorted to selling only the amount of tokens they need to fund their operations, which helps to relieve some of the selling pressure on the digital currency.
This encourages the buyers of the digital currency and makes it easier for them to absorb the selling pressure of Bitcoin (BTC). It also incentivizes BTC miners to continue amassing as much Bitcoin as they can so that they can sell it later to make a profit. However, the price of BTC might plunge further below its current levels, but it will not stay down for long, as the reduction in selling pressure could give bulls more traction.
