July 5, Bitcoin slips below $54,000, dropping more than 6% in the last 24 hours as bearish pressure increases. The market slumped further after Mt. Gox, an early crypto exchange that went bankrupt more than a decade ago, started paying its customers after a lengthy bankruptcy process. đ
The latest data from f2pool shows only six Bitcoin mining machines are still profitable as Bitcoin prices fall below $56,000. These machines include the Antminer S21 Hyd, S21, A1466I, S19 XP Hyd, S19 XP, and Whatsminer M56S++ models.
It is important to note that miners have exerted significant selling pressure on Bitcoin, selling more than $1 billion of the crypto asset as prices fluctuate between $65,000 and $70,000.
Some market analysts suggested that miners' current unprofitability could indicate a local bottom, as a drop in profits might ease selling pressure.
Experts also suggest that the network is showing signs of miner capitulation, a period characterized by miners ceasing operations or selling some of their BTC reserves.
Historically, this stage has been associated with a low point in Bitcoin prices, after which the asset typically begins to trend upwards.
Let's discuss in the comments column, what do you think about current market conditions? đ€
