Bitcoin has endured another small slump. After spending nearly 24 hours at $7,100, bitcoin’s price has dropped by $200 and now stands at $6,900.
This has become something of a routine over the past two weeks. Bitcoin jumps a bit, then falls a bit. While nothing huge appears to be happening, bitcoin resistance levels seem stronger when compared to just three years ago.
Previously, Thomas Lee of Fundstrat fame claimed that bitcoin mining was no longer profitable, and that miners were simply “breaking even” between what they were spending to extract coins and what they were officially earning. That, however, was when bitcoin’s price was meandering along the mid-$8,000 range. At $6,900, bitcoin has endured a serious drop since that time, and it appears bitcoin miners are spending more now than they’re slated to earn once their business is complete.
Recently, we discussed the notion of a bitcoin “death cross,” in which the short-term average dropped lower than the coin’s long-term average. Many sources have claimed that the death cross struck earlier this week, and that bitcoin was in a slump it may not survive.
Congratulations @ejisco! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Do not miss the last post from @steemitboard:
Vote for @Steemitboard as a witness to get one more award and increased upvotes!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit