Litecoin is one of the first open-source altcoins based on the original Bitcoin code. It was initially a strong competitor to the first cryptocurrency. However, as the cryptocurrency market expanded, Litecoin’s popularity gradually declined.
Bitcoin continues to fall – miners capitulate?
Bitcoin dropped 3% to less than $6900 in just 15 minutes yesterday! Again: 15 minutes = 3%.
You can explain the fall when it has already happened in any way. But who would have done it before the collapse?
Some attribute this to the closure of the PlusToken scam. The organizers of the pyramid have sold more than half of the assets in bitcoins (25,000 BTC) by this time. So-so reason. The Chainalysis report on the impact of the PlusToken sale on the exchange rate of the crypto currency could cause BTC holders to panic, they say, the sale will continue to put pressure on the price. Not a fact.
Cryptanalyst Charles Edwards believes that the surrender of miners has been going on for 27 days. Miners turn off the equipment because the costs of the process are not justified by the current price and sell the mined coins. This further reduces the rate. It turns out a vicious circle. And the peak is growing.
Miners in general are having a hard time. The capitalist Leo Zhang believes that they can go bankrupt with the onset of the bitcoin halving, because in this case the price will fall or remain at the same level. The lower price threshold for bitcoin to break even is around $6,500. After the halving, this figure could rise to the level of $13,000 (according to the head of Genesis Global, Michael Moreau). And now, large mining companies have taken loans secured by cryptocurrency, and in order to avoid problems for them, the price of BTC must (simply must!) Grow by at least 30%. And it is falling…
On the other hand, there should definitely be growth, because the fewer miners, the less complexity and the greater the income per unit of power. Although the same power may no longer be enough.
Tone Weiss also believes that after the halving, the rate should creep up, but before it, a decrease to $5,000 is possible. Let's hope it's not half an hour!
Recall: Store, change or dispose of. What to do when crypto falls?
