BTC Miners Working At A Loss
Bitcoin, the leading cryptocurrency, fell back to 16.800 dolars with the sell-off after pushing the 18.300 dolars level last week. The hawkish statements made by FED Chairman Powell after the rate hike affected all markets negatively.Bitcoin has dropped 11% since then, and the American stock index S&P500 has dropped 7%.
Bitcoin, which fell below 18.300 dolars with the bankruptcy of FTX at the beginning of November, has been continuing its horizontal course for about 40 days. BTC could slowly retest the 15.600 dolars 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. According to the Difficulty Regression Model graph shared by on-chain analytics firm Glassnode, miners are now making losses.