Signs of capitulation: Bitcoin miners sell at a high pace, reserves at 2-year lows
Bitcoin (BTC) mining is a highly competitive and high-cost business activity directly reliant on the leading cryptocurrency price action. Miners can often see themselves operating underwater amid extended bearish or consolidation periods, forcing some to capitulate from mining. In particular, data retrieved from MacroMicro indicates this is happening right now, with an average cost of $83,668 per mined Bitcoin. Furthermore, two CryptoQuant researchers identified two signs of capitulation from Bitcoin miner s this week, suggesting a non-favorable scenario. Picks for you If you invested $1,000 in gold and Bitcoin after economist declared ‘crypto extinction’, you’d have this much 1 second ago Bernstein analysts predict Bitcoin to hit $1...