By Hassan Mehmood (Saudi Arabia)
The situation of Bitcoin is even worse than it should be right now; after rebounding to above $50k, it has suddenly dropped below $44k because the mining community has suddenly yielded their support. Mining remains an important part of the crypto world as it adds to its overall value and supports the growth of the crypto market, Bitcoins, and altcoins, to be specific. The crypto market has sustained double-digit declines, and the crypto market, in general, has lost about $120 billion in these events.
Bitcoin Taking a Massive Hit and Setting Around $44k after Miners Pull their Support
Only yesterday, Bitcoin was doing so great and has only gained $4k in terms of value, but this performance was rather short-lived as the bearish trend followed Bitcoin to a not-so-impossible decline in a matter of hours.
The price drop was massive, but the hopes of it rebounding as it did in previous such sessions was also intense, which broke off shortly after the price decline. The primary decline settled for $43.7K, and the rebounding was believed to be magnificent, just like in previous sessions, but it could only catch up to $44.5, which was a bit of a letdown for the crypto market in general. It is not so long ago when Bitcoin did lose about $200 billion in the past week or so and has come all the way down to $830 billion in value when it was over $1.05 trillion before all these series of events.
Also read:What happened here is that miners saw an opportunity to make a profit from the rebounding scenario Bitcoin so reclusively finds itself in. They did wait the first time it happened and went for it inconsistent small batches for the second and the third time, and this time it didn’t rebound as it was excepted to thus, miners sold off early, making some profit while the rest of the crypto market plummets.
Even if Bitcoin has taken a heavy toll, the altcoins are in much worse shape. Ethereum was doing so great a week ago, trading at $2k, but it has now dropped to almost $1350, which dictates a 35% loss overall. It is not only Bitcoin, but the rest of the crypto market is also under heavy duress.
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