Leading cryptocurrency bitcoinAfter pushing the $18,300 level last week, it fell back to $16,800 with the sell-off. After the interest rate increase, the hawkish statements made by Fed Chairman Powell negatively affected all markets. Bitcoin has dropped 11% since then, and the American stock index S&P500 has dropped 7%.
Bitcoin, which fell below $ 18,300 with the bankruptcy of FTX at the beginning of November, has been continuing its horizontal course for about 40 days. BTCIt could slowly retest the $15,600 support if there are no new developments.
On the other hand, the course of Bitcoin price left crypto miners in a difficult situation. According to new on-chain data, BTC miners are now working at a loss.
Bitcoin Price Dropped Below Production Cost!
on-chain According to the Difficulty Regression Model chart shared by analytics firm Glassnode, miners are now making losses. According to the data, the production cost of one Bitcoin is $ 18,800, while the largest cryptocurrency finds buyers in the market with a tag of $ 16,800.
The decline in miner profits supports the data that Bitcoin is trading below its cost of production. According to Braiins.com, revenue for BTC miners has decreased by 72% year over year. The daily income of crypto miners is around $ 15 million.
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