🚀Bitcoin has experienced ups and downs! Biden and Trump can't help it?
Miners surrender and become the biggest black hand? !
🔥Recently, Bitcoin, the "star" of the crypto world, has experienced a thrilling roller coaster! President Biden is rumored to accept cryptocurrency donations, and Trump has also promised to support crypto miners. I thought Bitcoin would soar and break through the $70,000 mark!
🤷♂️But what? Reality gave us a loud slap in the face! After briefly touching $70,000 and $3,657 for Ethereum, Bitcoin failed to hold its ground and fell all the way back to $66,000 and $3,500. What's going on?
🤔QCP Capital analysts gave an amazing answer: miners surrendered! Yes, you heard it right, those hard-working miners, who began to choose to surrender and exit the mining industry because of rising mining costs and a sharp drop in handling fee income. This directly led to a decrease in the supply of Bitcoin, but the price did not rise as a result. Instead, it fell due to increased selling pressure.
😱This is simply the "wolf is coming" version of the currency circle! As an important support force for Bitcoin, the surrender of miners has undoubtedly brought a huge impact to the market. Biden and Trump's efforts to "pull the market" seem to be pale and powerless in this wave of miners' surrender.
😎However, analysts also pointed out that as unprofitable miners withdraw from mining, the cost of Bitcoin mining will decrease, which may reduce the selling pressure in the market in the future. Therefore, although Bitcoin has limited room for decline in the short term, it may take some time to break through the $70,000 mark again.
🌞QCP Capital also predicts that the crypto market will usher in a quiet summer with low trading volume and no obvious catalyst to drive the market. It seems that friends in the currency circle, it's time to put down your mobile phone and enjoy the summer sun and sea breeze!
