! ! Eye-popping! ! !

! ! Eye-popping! ! !

So this is the reason for the decline of Bitcoin?

Due to the speculative nature of the virtual currency market, its high risk and high leverage have brought huge financial losses to the speculators involved.

According to data from Coinglass, in the past 24 hours, a total of 90,573 investors in the entire cryptocurrency market experienced liquidation, with a total liquidation amount of up to US$375 million (equivalent to approximately RMB 2.73 billion). Among them, the largest single liquidation occurred in Binance's BTCUSDT trading pair, with a value of up to US$15.3632 million.

Bitcoin's recent selling pressure is partly attributed to crypto mining companies having to speed up the pace of Bitcoin sales due to plummeting revenue. According to data from IntoTheBlock, the number of Bitcoins held by these miners has fallen to the lowest level in nearly 14 years. This month, miners have sold more than $2 billion worth of Bitcoin, setting the fastest sales pace in more than a year.

In April this year, after the Bitcoin mining reward was "halved", the income of cryptocurrency miners was reduced by nearly half. In this environment, many miners had to stop mining activities. In order to cover costs and re-establish financial balance, mining companies accelerated the sales of Bitcoin. This factor is seen as the main driving force behind the recent downward trend in Bitcoin prices.

Due to the cessation of activities by a large number of miners, the difficulty of Bitcoin mining has also dropped sharply. The latest data shows that Bitcoin's hash rate has dropped from 88 trillion to 83 trillion. Despite the decline in mining difficulty, miners' income in the past two months has begun to hit a record low due to the impact of the halving of mining rewards. It is reported that mining income has dropped sharply from an average of US$107 million per day before the reward halving to US$30 million now.

#BTC☀