Bitcoins Sudden Descent Under 57000 Triggers Novice Investors Surrender According to CryptoQuant
As the value of Bitcoin tumbled beneath the $57,000 threshold, a wave of concern washed over investors, apprehensive about the ensuing market fluctuations and their repercussions on cryptocurrency miners.
On an early Thursday morning, the relentless offloading by traders sent Bitcoin’s value (BTC) plummeting below $57,000, a level not seen since February. At the time of this report, Bitcoin has managed to claw its way back above the $57,000 mark, yet the swift descent could be indicative of underlying frailty, with the potential to sway the confidence of individual investors.
**Daily Bitcoin Value in USD | Source: crypto.news**
CryptoQuant, a blockchain analytics firm, observed that newcomers to cryptocurrency — those who have acquired BTC in the last three to six months — have initiated the transfer of their holdings amidst the downturn, hinting at “escalated selling pressure.” The firm’s **data** reveals that an estimated $2.4 billion in BTC, held by these novices, is on the move, presumably to be sold at the prevailing market rates.
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The already shaky market could face further destabilization due to miners confronting a precipitous decline in hashprice, a measure of mining revenue per terahash. The Hashrate Index, a crypto mining analysis company, **noted** that the hashprice has dipped to “near-record lows,” a nadir last witnessed during the bearish phase. Presently, the hashprice stands at $44.69, which may compel some miners to offload their stockpiles to cover operational costs.
In a May **exclusive interview** with crypto.news, Julio Moreno, the head of research at CryptoQuant, suggested that the market might brace for a miner surrender if the prices fail to mount a significant recovery over the summer. He pointed out that the hashprice (average revenue per hash for miners) has been consistently hitting new lows since the most recent halving event. As of the latest update, Bitcoin is valued at $57,336, as per the figures from crypto.news.
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