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Bitcoin bearish storm: The truth behind the Bitcoin crash: miners, dark web, and authoritative coin sales
The Bitcoin market has been plagued by bearish news recently. Miners are selling Bitcoin, and Mont Gox, a Bitcoin exchange that went bankrupt ten years ago, has begun to repay Bitcoin to creditors, which may lead to the sale of coins.
There is also the Silk Road dark web in the United States, which was known as the world's largest illegal trading website more than a decade ago. It can buy all kinds of contraband. Its founder Ross was arrested in October 2013, and the US judicial department confiscated his illegal income of about 70,000 Bitcoins. At the end of June this year, an analysis agency posted on Twitter that the US government transferred about 3,900 Bitcoins (about $240 million in assets) to the address of Coinbase prime. This behavior is usually interpreted as a prelude to the US government's preparation to sell coins, causing the price of Bitcoin to fall to around $60,000.
This is not the first time that the US government has done this. In March 2023, it sold a large number of coins, selling 9,861 bitcoins and cashing in $210 million, which also caused a sharp drop in the price of Bitcoin at that time.
In addition, some analysts believe that the decline in Bitcoin this time may be a business decision of large miners. Because Bitcoin completed its fourth halving in history on April 20 this year, the block reward changed from 6.25 bitcoins per block to 3.125. If the price of the coin does not rise, the miners' salary will be halved, and companies with small funds may not be able to hold on.
After the decline of Bitcoin, miners may have two options. One is to sell the Bitcoin in hand to maintain operating costs. If the price of the coin continues to fall below the shutdown price of the mining machine (about $53,000), small mining companies may be forced to close down. Because the main expenditure of mining is electricity cost, large companies can negotiate lower electricity costs, and small companies have little say. Small miners may shut down and wait for the price of the coin to rise before restarting, or close down directly. At that time, there will be a second-hand auction of small miners' mining machines, and large miners may pick up bargains.
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