As Bitcoin plunged below the $57,000 mark, concerns surged among investors about potential market volatility and its impact on miners.
On Thursday morning, Bitcoin (BTC) dipped below $57,000 for the first time since February. Speculators continued their selling pressure, causing a quick plunge which might signal weakness. Bitcoin rebounded above the $57,000 mark, but retail trader sentiment could be impacted.
Blockchain research firm CryptoQuant noted that crypto beginners — who bought BTC over the past six to three months — have started moving their coins amid the plunge and “increasing selling pressure.” According to the platform’s data, approximately $2.4 billion worth of BTC controlled by crypto beginners began moving, likely signaling their intention to sell at current market prices.
The market turbulence might also be worsened by miners facing a rapid drop in hashprice, a metric representing miner revenue per terahash. Crypto mining analytics firm Hashrate Index noted that the hashprice mark amid Bitcoin’s plunge is “scratching its all-time low,” a level last seen during the bear market. As of press time, hashprice is at $44.69, potentially pushing some miners to liquidate their reserves to sustain operational expenses.
