Another reason for the fall in the value of Bitcoin is the decrease in miners' income by 55%, which forces them to sell more and more coins to cover expenses.
Another reason: the cessation of issuance of new stablecoins USDT and USDC. According to experts from CryptoQuant, as a result, the influx of new funds into the market has almost dried up.
“Historical trends show that periods of low miner income combined with high hashrate may indicate a market bottom. The support level around $62,400 could help stabilize prices in the near term,” CryptoQuant experts believe.
Now, in addition, there is a significant outflow of capital from shares to spot Bitcoin ETFs. And this is another reason for the fall in quotes of the first cryptocurrency.
Previously, the co-founder of the American software developer MicroStrategy, Michael Saylor, predicted Bitcoin's growth to $8 million.