Cryptocurrency Market Expects Major Bitcoin Sale Due to Miner Difficulties
Date: 2024-05-14 Author: Gabriel Deangelo Categories: BUSINESS
According to a recent analysis from financial services company Kaiko, cryptocurrency miners are under severe pressure due to low earnings caused by the fourth Bitcoin halving. This could lead to a large sale of the first cryptocurrency, affecting its price.
Post-Halving Difficulties
According to Kaiko's analysis, at the beginning of the halving process, miners received a temporary boost in income due to high network fees. However, after the situation with commissions stabilized, miners faced a serious decrease in income.
Many large mining companies, such as Marathon Digital and Riot Platforms, have reported a sharp drop in their revenue. This could lead to significant volumes of Bitcoin being sold, which in turn could negatively impact the price of the asset.
Unpredictable Prospects
Although Kaiko analysts do not make direct predictions regarding the future price of Bitcoin, JPMorgan's forecasts of a possible price reduction to $42,000 confirm investors' fears about the current situation.
At the time of writing, the price of Bitcoin remains at $61,828, but the long-term impact of miner problems on the market remains uncertain. Kaiko urges caution and close monitoring of further changes in the cryptocurrency market.
