Bitcoin Miners Are Capitulating, But There's Silver Lining

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Ki Young Ju, laminitis and CEO of cryptocurrency analytics steadfast CryptoQuant, has stated that Bitcoin miner capitulation is inactive not over. 

He pointed to humanities information which shows that specified capitulation phases typically extremity erstwhile the regular mean mined worth is 40% of the yearly average. However, it presently stands astatine 72%. 

The word "miner capitulation" refers to a play erstwhile cryptocurrency miners are struggling to marque ends conscionable owed to declining profitability. Miners are forced to liquidate their Bitcoin reserves owed to declining prices and fees. Even though pundits wage a batch of attraction to Mt. Gox's repayments and the German government's selling spree, the predicament of miners is besides 1 of the cardinal bearish factors. 

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The hashrate precocious declined to 552 EH/s aft reaching its existent highest of 657 EH/s, according to information provided by Blockchain.com. This indicates that a batch of miners are presently successful the process of switching disconnected their equipment.

Last week, CryptoQuant noted that important hashrate drops historically thin to beryllium signals of bottoming conditions. 

A "boring" market   

Ju believes that the terms enactment is going to beryllium boring implicit the adjacent fewer months, but helium urged marketplace participants to stay bullish successful the agelong word portion avoiding excessive risks. 

According to information provided by CryptoQuant, the cryptocurrency is presently changing hands astatine $59,064 aft peaking astatine $59,322 earlier this Wednesday. 

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Satoshi-Era Bitcoin Address Suddenly Activated Following BTC Price Crash

Earlier this month, Ju stated that a "boring" Bitcoin was a buying opportunity.   

Last week, the largest cryptocurrency plummeted beneath the $54,000 level. However, the bulls person since managed to regain immoderate crushed owed to beardown inflows recorded by Bitcoin exchange-traded funds (ETFs).  On July 9, these products recorded $216.4 cardinal of nett inflows. 

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