With Bitcoin hovering around $20K, CMCAlexandria took at look at both sides of a most pressing issue — Is this a rally? Is this a bottom? That’s up to our users to decide. In any case, the crypto summer just got a little bit more interesting 😏
decline of up to 40% is an indicator for capitulating miners. The hash rate lags price — if Bitcoin moved to $100K tomorrow, many more miners would want to join. But they first need to purchase hardware and get their rigs online, which is why the hash rate tops after the price did.
Bitcoin Magazine quotes Charles Edwards, founder of quantitative asset management firm Capriole Investments: “Given the magnitude of the supply controlled by miners, and the general level of high efficiency in their businesses, when miners are selling the worst has often occurred. As a result, price and hash rate recovery out of this miner capitulation has historically marked major price bottoms.”
Miners that don't want to stay in the game go offline. Those that do sell BTC inventory to stay afloat. An indicator of this is the. In simple terms, if the Hash Ribbon inverts , miners are capitulating and going offline. Edwards considers miners less important than they used to be because other whales have appeared. Still, he sees their capitulation as a“My general view is that the next six to 12 months will provide the best opportunity to get into bitcoin over the next five-plus years.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
LBank Exchange Will List Cryptostone (CPS) on July 25, 2022 – Press release Bitcoin NewsPRESS RELEASE. INTERNET CITY, DUBAI, Jul. 24, 2022 – LBank Exchange, a global digital asset trading platform, will list Cryptostone (CPS) on July 25,
Read more »
Best New Car Lease Deals for July 2022It's all German and German-powered convertibles from $469 to $1469 per month.
Read more »
Daily horoscope for July 24, 2022Get your daily horoscope for July 24, 2022 from astrologer Georgia Nicols.
Read more »
Mega Millions jackpot reaches $790 million; Sunday’s Ohio Lottery resultsThe next drawing for Mega Millions is Tuesday, July 26, 2022.
Read more »
Podcast: Insider Trading, Bitcoin Selloffs and an NFT Ban — Weekly News Roundup | CoinMarketCapDid you miss the hot crypto stuff this weekend? CMC Podcast has got you covered! 🎙️ From Tesla selling off 75$ of its Bitcoin to Minecraft banning NFTs & many more!
Read more »