Organic rise is equal to a resounding fall?
This week, the cryptocurrency market has experienced a remarkable fall, and it has been the most impressive of all so far as expectations were focused on BTC supports, and this time there was no support or soul to hold the price and it ended up falling to $49,000.
The sentiment with BTC among the majority is white or dark, never gray. A little over a week ago BTC was heading to 70k$ managing to get there, meanwhile those who could not buy at 57k$ regretted thinking that BTC last week would reach a new ATH. On the other hand, many investors began to take profits, generating significant selling pressure.
Bitcoin and Ethereum have been the assets most affected by this fall, consequently we could say that more than 80% of the market went into the red marking excessively negative percentages.
This decline has also impacted miners, who are seeing their profit margins shrink dramatically.
The combination of lower prices and higher mining costs is driving some miners out of the market, which could have repercussions on the long-term health of the Bitcoin network and consequently the crypto market in general, if BTC goes down everything goes down and vice versa.
If the price continues to fall, it is possible that more miners will be forced to disconnect their equipment, thus affecting the security and stability of the network.
