The Crypto Market Is Down Today โ Here is Why?
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Miner revenues have dropped by 55%, forcing them to sell more Bitcoin driving prices down.
Reduced issuance of stablecoins like USDT and USDC decreases market liquidity and increases price volatility.
Significant withdrawals from major ETFs are adding to the selling pressure on Bitcoin, impacting market stability.
Amid fluctuating sentiments in the crypto market, the overall market capitalization has declined 2.29%, settling at $2.33 trillion.
Miner Capitulation Impacts Market
Miners are facing significant revenue drops, leading to increased Bitcoin sales. Miner revenues have plummeted by 55%, forcing them to sell more Bitcoin to cover operational costs. Consequently, there has been a notable rise in Bitcoin transfers from minersโ wallets to exchanges, indicating that selling activity is driving prices down.
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