Bitcoin Miner Capitulation Signals Potential Rebound Amidst Market Turbulence 

2024-7-4 16:40

The crypto market faced major turbulence recently as top cryptocurrencies, Bitcoin and Ethereum, experienced a significant sell-off. The liquidation spree resulted in $208 million being wiped out within just 24 hours. Bitcoin plunged below the crucial $60,000 mark, triggering the liquidation of 74,000 traders, primarily those with long positions.

Ethereum wasn’t spared either, with $55.5 million in liquidations. Analysts attribute this volatility to a confluence of U.S. monetary policies, geopolitical tensions, and uncertainties surrounding the upcoming U.S. presidential election. Despite these setbacks, long-term recovery prospects remain, especially with Ethereum spot ETFs on the horizon. Over the past 30 days, both BTC and ETH have suffered approximately a 12% decline.

Impact of U.S. Monetary Policy

The U.S. Federal Reserve has reported that inflation is on the decline, albeit still above the desired 2% target. This has significant ramifications for the crypto market due to potential interest rate adjustments. Lower inflation could make borrowing cheaper, benefiting risk assets like Bitcoin.

However, persistent high inflation continues to challenge crypto prices in the short term. Bitcoin’s recent dip below $58,000 marked a two-month low. Fed officials, considering various risks including geopolitical tensions, believe inflation might remain elevated. Futures traders predict two potential rate cuts this year if monetary policy loosens further, with major central banks globally poised to ease policies soon, affecting market dynamics.

Bitcoin Miner Capitulation and Potential Rebound

Bitcoin mining industry indicators suggest a likely price bottom, according to CryptoQuant. The hash rate, representing the total computational power, has declined by 7.7% from its record high, echoing a significant drop seen in December 2022 before a 300% price surge. This capitulation follows Bitcoin’s recent halving event, which reduced miners’ rewards, rendering mining unprofitable for some.

Daily miner revenues have plummeted by 63%, prompting rapid offloading of BTC reserves. Historically, such hash rate declines signify potential price bottoms, hinting at a possible price rebound based on past trends. CryptoQuant highlights the likelihood of a significant upswing following current mining industry struggles.

Investors Shift Towards New Projects

The current market conditions lack the momentum required for substantial growth, leaving many investors skeptical about committing to well-established cryptocurrencies like Bitcoin and Ethereum. Seeking fresh opportunities, their attention has turned toward new and promising projects.

One such project generating interest is CYBRO. Given its growth potential and high demand, CYBRO stands out as a beacon of hope in a market searching for the next big thing.

CYBRO Presale Nears $1 Million Milestone: A One-in-a-Million Investment Opportunity

CYBRO is capturing the attention of crypto whales with its exclusive token presale quickly surging towards $1 million. This cutting-edge platform offers investors unparalleled opportunities to maximize their earnings in any market condition.

Experts predict a potential ROI of 1200%, with CYBRO tokens available at a presale price of just $0.025 each. This rare, technologically advanced project has already attracted prominent crypto whales and influencers, indicating strong confidence and interest.

In a development, CYBRO has also launched a referral program active until July 15, offering 12% from direct referees’ token purchases, 3% from second-level referees, and 2% from third-level referees. Rewards are sent weekly in USDT, and referees earn double CYBRO Points on their first deposit using the referral code.

<< Enhance Your Crypto Portfolio with CYBRO! Join NOW and aim for future returns up to 1200%! >>

Holders of CYBRO tokens will enjoy lucrative staking rewards, exclusive airdrops, cashback on purchases, reduced trading and lending fees, and a robust insurance program within the platform.

With only 21% of the total tokens available for this presale and approximately 25 million already sold, this is a golden opportunity for savvy investors to secure a stake in a project that’s truly one in a million.

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Disclaimer: This sponsored content is not endorsed by CaptainAltcoin, which takes no responsibility for its accuracy or quality. This content was not written by CaptainAltcoin’s team. We advise readers to do their own research before interacting with any featured companies. The inforation provided is not financial or legal advice. Neither CaptainAltcoin nor any third party recommends buying or selling any financial products. Investing in crypto assets is high-risk; consider the potential for loss. CaptainAltcoin is not liable for any damages or losses from using or relying on this content.

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