It’s lunch time again, so we look at the live Bitcoin price and the prices of the top 25 crypto. then we look at where the bottom for the Bitcoin price should be. We also analyze what BTC miners are doing right now. Finally, we look at a positive survey.
We begin, of course, with the live Bitcoin price and the prices of the top 25 crypto.
Live Bitcoin price and prices top 25 crypto continue to fall
At the time of writing, the live Bitcoin price is quoting EUR 27,933.19 ($29,988.00). This is 4.97% lower than during our Bitcoin lunch yesterday.
The prices of the top 25 crypto are also notching up on stable coins and a small plus of 0.25% for Monero (XMR) after only losses. The biggest loss of the day so far is -10.85% for Solana (SOL). On the site of Tradeincrypto.com you can analyze all live crypto prices 24 hours a day.
We already explained last night why Bitcoin and other crypto are suddenly falling sharply and why Solana (SOL) is getting the toughest ticks. Therefore, today we look at some other things that may play a role in the development of the BTC price.
Where is the bottom of the Bitcoin price?
Now that the market is bearish again, we are also seeing more estimates of how far the Bitcoin price may fall in this bearish rally. The question is whether there is a bottom BTC price to be determined. Quantum analyst Ki Young Yu had calculated earlier this week that it should be around $20,000.
Co-founder of crypto exchange BitMex, Arthur Hayes, also hit the math. In a very comprehensive technical blog he calculates how the BTC bottom price should be between $25,000.00 and $27,000.00. If he is correct in this, it would mean that there is little downside risk for the BTC and thus we can expect another upward trend soon.
How are Bitcoin miners reacting to the current situation?
Nevertheless, we should also take into account the possibility of a further bear correction first. With that, Hayes’ theory could be tested right away. Indeed, if e analyze the data of BTC miners, we see a number of worrisome developments.
In analyses we see that the reward for a mined block is currently $186,918. In November last year (when the BTC price peaked) this was still $ 400,000. We can conclude that profitability for miners is under pressure.
This is reflected in the mining difficulty. This was still 31.25T on May 24, but dropped to 29.90T today. This means that miners are closing their unprofitable rigs.
In addition, we see that the hash rates remain high and this means that there is fierce competition among the miners. So they need cash to keep up the competition. We also see in statistics from Glassnode that miners are moving their BTC to exchanges. This indicates an intended sale and is therefore a bearish signal. Such a signal in itself creates turmoil, but if the miners actually proceed to sell, an increase in supply will lead to further price declines.
Research: investors BTC increasingly positive about crypto
Despite the bearish outlook in the short term, there is still much positivity to be seen in the long term. For example, today The Economist published its annual survey of investor sentiment in Bitcoin and crypto. In ‘Digimentality 2022’ we see a positive picture emerging.
Indeed, compared to last year, more investors believe that we are moving towards a cashless society. In doing so, they see that governments will start issuing crypto coins. This would also make customers more accustomed to using private crypto, such as Bitcoin.
In addition, both investors and consumers feel that lack of regulation is the biggest roadblock to a cashless society. Therefore, they are positive that more and more countries and regulators are moving to regulate crypto. Therefore, investors expect the need for crypto to increase. Consumers expect the use of crypto, especially in the Metaverse and NFTs, to increase significantly.
You can read the entire study here.
Of course, we will continue to follow the crypto market.
Want to stay up to date with the latest price developments?
You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time. Are you interested in other investments besides crypto? Then our weekly Monday morning price forecast might be a reading tip. “Please note: We never give financial advice, so our contributions can’t be interpreted that way either. Always do your own research and decide on rational grounds if, when, what and how much you want to invest in.”
