Close Menu
    What's Hot

    Strategy Increases Bitcoin Holdings in Response to Price and Stock Appreciation

    Aug. 11, 2025

    El Salvador Allows Major Banks to Provide Bitcoin Services to High-Net-Worth Clients

    Aug. 10, 2025

    Bitmine Aims for 5% of Ethereum Supply in Ambitious Accumulation Strategy

    Aug. 10, 2025
    Facebook X (Twitter) Instagram
    X (Twitter) Telegram
    Chain Tech CatcherChain Tech Catcher
    Subscribe
    • Home
    • News
    • Bitcoin
    • Altcoin
    • Ethereum
    • Blockchain
    • Ripple
    • Cardano
    • All Posts
    Chain Tech CatcherChain Tech Catcher
    Home » Has Bitcoin Reached Its Nadir
    Bitcoin

    Has Bitcoin Reached Its Nadir

    By adminJul. 3, 2024No Comments2 Mins Read
    Facebook Twitter LinkedIn Telegram Pinterest Tumblr Reddit WhatsApp Email
    Has Bitcoin Reached Its Nadir
    Has Bitcoin Reached Its Nadir
    Share
    Facebook Twitter LinkedIn Pinterest Email

    It appears that Bitcoin (BTC) miners are nearing a state of capitulation – a phenomenon often associated with market bottoms.

    This comes as Bitcoin, the largest cryptocurrency by market capitalization, has seen a decline of 13% over the past month and 2.7% over the last week.

    As of the time of writing, Bitcoin is trading at $60,300, down 2.3% in the last 24 hours. This price level serves as a significant support threshold since April, with the cryptocurrency bouncing off this range three times before returning to $70,000.

    CryptoQuant, a data analysis company, suggests we may soon see a similar scenario again, as several indicators point to miner capitulation following a period of significant selling pressure.

    One of the key indicators of this capitulation is the significant drop in both hash rate and hash price.

    The hash rate, representing the total computational power used to mine Bitcoin, has fallen by 7.7% since a recent halving event. Meanwhile, the hash price, which measures miners’ revenue per unit of hash rate, is near historical lows.

    Additionally, miners have experienced a sharp decline in their daily revenues, dropping from $79 million on March 6 to $29 million on July 3.

    This reduction in revenues has led to some mining activities ceasing, contributing to further declines in hashing power.

    According to CryptoQuant, miners are facing a 63% drop in daily revenues due to the halving event and reduced transaction fees, which now account for only 3.2% of total revenues.

    Current indicators of miner capitulation are comparable to those observed in December 2022, which marked the market bottom.

    Read more:


    How Cryptocurrency Investors Made $30,000 in Half an Hour

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleThree Strategic Insights from BitMEX Founder for Investors
    Next Article Bitcoin Breaking Bearish Trend Top Analyst Predicts Over 15 Surge

    Related Posts

    Strategy Increases Bitcoin Holdings in Response to Price and Stock Appreciation

    Aug. 11, 2025

    Harvard’s Investment in Bitcoin Exceeds Gold in Recent Portfolio Adjustment

    Aug. 9, 2025

    Bitcoin Market Shows Signs of Cooling in Week 32 as Liquidity Diminishes and Sellers Lose Momentum

    Aug. 6, 2025
    Add A Comment
    Leave A Reply Cancel Reply

    Top Posts

    Three Cryptocurrencies Demonstrating Bullish Momentum Due to Exchange Listings and Hype

    Aug. 7, 2025126 Views

    Is the Bitcoin Correction Approaching Its Conclusion? Analyst Forecasts Upcoming Movement

    Feb. 26, 202513 Views

    Bitcoin Cash Poised to Break 250 Mark

    Nov. 28, 20198 Views
    Don't Miss

    Strategy Increases Bitcoin Holdings in Response to Price and Stock Appreciation

    Bitcoin Aug. 11, 2025

    Michael Saylor’s Strategy has once again increased its Bitcoin reserves, adding a smaller but nota…

    El Salvador Allows Major Banks to Provide Bitcoin Services to High-Net-Worth Clients

    Aug. 10, 2025

    Bitmine Aims for 5% of Ethereum Supply in Ambitious Accumulation Strategy

    Aug. 10, 2025

    SUI Targets $7 as Support Level Remains Strong

    Aug. 10, 2025
    Stay In Touch
    • Facebook
    • Twitter
    • Pinterest
    • Instagram
    • YouTube
    • Vimeo
    About Us
    About Us

    Keep up with blockchain through Chain Tech Catcher. Gain insights on crypto, DApps, & innovations. Stay informed in this evolving landscape!

    X (Twitter) Telegram
    Most Popular

    Three Cryptocurrencies Demonstrating Bullish Momentum Due to Exchange Listings and Hype

    Aug. 7, 2025126 Views

    Is the Bitcoin Correction Approaching Its Conclusion? Analyst Forecasts Upcoming Movement

    Feb. 26, 202513 Views

    Bitcoin Cash Poised to Break 250 Mark

    Nov. 28, 20198 Views
    © 2025 Chain Tech Catcher All rights reserved.
    • Home
    • News
    • Bitcoin
    • Altcoin
    • Ethereum
    • Blockchain
    • Ripple
    • Cardano

    Type above and press Enter to search. Press Esc to cancel.