According to TokenInsight: the cost line of bitcoin miner has dropped. And the price is difficult to maintain cause of the fresh money lack.
I believe that people who have experienced the plunge in these days know what it means — the bitcoin price continues to bottom out.
The spreading panic is like a red monster that devours people’s trust in Bitcoin. Whether that is a trader hiding in the dark, a HODLer, or a miner. All of them are getting tighter and tighter by this crypto circle. Everyone wants to win, to make profits. The thoughts of these countless people are shaking the whole price situation.
1. THE CIVIL WAR between HODLers and traders
The recent panic selling has caused the entire bitcoin market to keep oscillating, and most currencies have been affected. However, the source of the panic is the two kinds of people who holding the most money, HODLers and traders. Although the 30% amplitude is very common in cryptocurrencies, the BTC’s large turbulence have shaken the entire market in no peace.
ETH price fell from $434 to a low of $258, a drop of more than 40%
EOS price fell from $7.36 to a low of $4.27, a drop of more than 40%
LTC price fell from $80.39 to a low of $51.39, a drop of more than 35%
Many aircoins’ price began to return to zero, and some project parties run away.
The era of zero altcoin has slowly arrived, time will eliminate those fakers.
2. THE INFINITE WAR between miners and mines
Not only HODLers and traders, even the miner has been affected by this panic.
Maybe you got known that the cost price of bitcoin mining is $6000. But this cost line has been broken once in the late June, if there exists a second blow, that will be deadly. And the most reason is called POW, also called Proof of Work. It means more work, more profit.
Let’s suggest that if the miners are gone, then mine output will be slower than before. No one wants to work more because they can’t make any profit from mining. And the possibility of bitcoin decay may be increased.
These reasonings are not groundless because there are already miners selling second-hand mining machines.
3. THE RAGNAROK between COBE and ETF
If you are searching for information about Bitcoin on Google now, then you will definitely jump out of a large number of ETF related articles and tweets, some are bullish, and the others are bearish. After 15 rejections, if the ETF proposed by COBE is approved, it must be a big favor for the market, and if it is not approved, then “The winter is coming”.
The news is constantly coming out, and people’s mind are as volatile as the current bitcoin value.
It is this kind of anxiety that allows people to think more deeply about the value of Bitcoin. Now the bubble is poked, the market is weak. When will the spring come? Don’t worry, winter hasn’t started yet.
How will the future go? Demarcation of cryptocurrencies and blockchains will be clearer? Please look forward to my next article.