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⚠️ PRESSURE ON MINERS $BTC INTENSIFIES ‼️
Although this week Bitcoin kicked off above $66,000 following President Trump's statement about reaching agreements with Iran, after the FOMC meeting and the unchanged interest rate announced by new Fed Chair Kevin Warsh, the asset dipped below $64,000.
Analysts at JPMorgan stated that Bitcoin has been trading below its estimated mining cost for five months, causing about 20% of miners to operate at a loss. In this context, some companies have been forced to liquidate their reserves of the first cryptocurrency, and the network recorded one of the largest drops in mining difficulty in history — more than 10%.
The drop in difficulty was a result of some miners shutting down after the Bitcoin price slump. This adjustment may temporarily ease the operational conditions for the network participants who are still in the game.
#MainingBTC #btc70k #JPMorgan #FOMC #BTC
Although this week Bitcoin kicked off above $66,000 following President Trump's statement about reaching agreements with Iran, after the FOMC meeting and the unchanged interest rate announced by new Fed Chair Kevin Warsh, the asset dipped below $64,000.
Analysts at JPMorgan stated that Bitcoin has been trading below its estimated mining cost for five months, causing about 20% of miners to operate at a loss. In this context, some companies have been forced to liquidate their reserves of the first cryptocurrency, and the network recorded one of the largest drops in mining difficulty in history — more than 10%.
The drop in difficulty was a result of some miners shutting down after the Bitcoin price slump. This adjustment may temporarily ease the operational conditions for the network participants who are still in the game.
#MainingBTC #btc70k #JPMorgan #FOMC #BTC
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