Ethereum: On-Chain And Social Metrics Reveal Bulls Vs. Bears Battle – Who’s Winning?

Ethereum (ETH) has failed to rise above key resistance at $1,300 despite rising around 4% over the past 24 hours. At press time, the second largest cryptocurrency by market cap was trading at $1,289. As the trading volume shows, the bulls and bears have woken up again. In the last 24 hours, the trading volume was $6.4 billion, which is about 31% higher than the previous day. Ethereum On-Chain And Social Metrics Show Uncertainty Analysis company Santiment has conducted an analysis of bullish and bearish signs in on-chain and social data for Ethereum and the result is mixed. A bullish argument is made by Ethereum’s shark and whale addresses. As Santiment writes, just as with Bitcoin, the ETH millionaire addresses gave up much of their supply while conditions looked poor. Related Reading: How Litecoin (LTC) Outperforms Other Top Cryptocurrencies In This Department However, this circumstance has fundamentally changed recently. A month ago, large ETH addresses started accumulating Ethereum again. Since November 7, Ethereum addresses holding 100 million to 1 million coins have accumulated 1.36% of the total supply and 2.09% more ETH overall (than before). Social volume, on the other hand, looks bearish. As with the majority of all cryptocurrencies, the number of discussions on Ethereum is decreasing, but this seems normal for a bear market. As Santiment notes, this is not necessarily a bad thing when the weak hands leave the market. What is negative, however, is that “there is so little talk about Ethereum compared to other top assets.” Related Reading: Upcoming FOMC Meeting Is The Most Important Ever For Bitcoin – Watch Out For The Dot Plot At the same time, this could also turn into a bullish argument if bullish whales can drive the price higher with little resistance, thus significantly affecting the general market sentiment. Currently bearish is also the MVRV (average trading return of addresses). The average return among long-term (365-day) addresses still indicates a “lot of pain.” However, based on an emerging long-term uptrend in the MVRV, the metric could also be moving into bullish territory. Extremely bullish is the remaining supply of Ethereum on exchanges. This is at a 4-year low of 12.1% of total supply. Thus, the metric clearly points to a nascent bottom that is forming. Sides Are Still Polarized In contrast, funding rates (perpetual contracts) are neutral. Neither the bulls nor bears can prevail on this metric at the moment. ETH funding rates have been too flat to swing in either direction since the FTX implosion. In terms of realized gains/losses, the bears are clearly winning at the moment, according to Santiment’s analysis. Given the recent surge in the Ethereum price, there is currently a lot of short-term profit-taking. Ultimately, Santiment summarizes: Overall, Ethereum’s on-chain and social metrics are about as mixed as the crowd’s perspective is. […]Long-term? […] Ethereum is very likely closer to its upcoming 3-year low vs. its 3-year high. But are we at maximal pain? Probably not yet.

Yearn Finance: What The Final Quarter Of 2022 Has In Store For YFI Price

Yearn Finance (YFI) has performed relatively well over the last 30 days, painting its charts in green despite the lingering uncertainty in the crypto market. According to information from Coingecko, at press time, the ERC20 governance token built on the Ethereum blockchain is changing hands at $7,087, going up by 5.7% during the past week and tallying an impressive 15.7% jump on its bi-weekly gauge. Here’s a quick glance of YFI performance: YFI is experiencing a significant decline in its daily trading volume Yearn Finance could fall all the way down to $6K within the next few days The altcoin could start 2023 with a bullish run to reclaim the $8K territory However, the altcoin’s technical indicators, specifically its Relative Strength Index (RSI) and Chaikin Money Flow (CMF), on its 4-hour chart doesn’t give much for traders to desire as they indicate a potential bearish run for the asset. The RSI settled below the 50-neutral zone at 48.97, suggesting that selling pressure increased and a lot of buyers veered away from the asset. Meanwhile, Yearn Finance’s CMF fell into a negative value of -0.07 – an indication of a weakened buying activity. Related Reading: How Litecoin (LTC) Outperforms Other Top Cryptocurrencies In This Department Source: TradingView Daily Active Addresses Count And Trading Volume Decline Along with the above-mentioned technical indicators, some developments concerning the cryptocurrency and its network pointed towards a bearish momentum. During the previous week, the number of unique addresses that traded Yearn Finance decreased sharply, going down by 41%. In fact, at the time of this writing, there were only 248 wallets monitored to have participated in YFI transactions. While the cryptocurrency’s spot trading price went up by 3% over the last 24 hours, its trading volume took a hit as it became lower by 25% during the same period. With these, there is a need for a significant uptick in demand for the crypto asset for another increase in value to be triggered as buyers in YFI market appear to be exhausted. However, it would seem that the digital currency could not catch a break as even in that particular department, it is showing signs of struggle. According to latest data, at the moment, only 59 new addresses were present at the network – 48% lower than what was observed within the last eight days. Chart: Santiment Coincodex Forecasts YFI At Over $8K By 2023 Although Yearn Finance’s short-term trajectory looks bleak, it is expected to have a strong start for the year 2023. According to the predictions of online crypto data information aggregator Coincodex, the digital asset is expected to decline significantly within the next five days and will eventually change hands at $$6,094 by December 15. Related Reading: Solana Price Falls Below $14 – Does This Signal A Gloomy Week For SOL? Chart: Coincodex However, the altcoin is expected to bounce back and reclaim its losses just few days after the expected price dump. By January 9, 2023, YFI is seen to trade at $8,891. YFI total market cap at $258 million on the daily chart | Featured image – Altcoin Buzz, Chart: TradingView.com 

Latest Ethereum Short Price Rally – Courtesy Of Whale Activities?

Ethereum has been showing bullish momentum in the last seven days. ETH has gained momentum in the past 24 hours, while other coins are still declining. This rally supports some theories that the asset will rise above the resistance level in the coming days. Weeks after a massive fallout, the second largest cryptocurrency is heading towards a comeback. The FTX crisis, with other macro factors, affected the entire crypto market, with many assets crashing flat. Although there are many uncertainties in the crypto market, hope seems to be returning to the Ethereum community. Related Reading: MATIC Price Battles Under $1 Despite Bullish Signals Vitalik Buterin, the Ethereum co-founder, made a statement urging people to focus on the technology instead of the current prices. The co-founder was confident that Ethereum-based applications for monetary transactions would scale up the blockchain in the long run. Ethereum Whales Are Buying The Dip In Buterin’s notes, he expressed a bullish stance that the decentralized stablecoins and the other applications built on Ethereum could have long-term benefits. Meanwhile, bullish Ethereum holders are taking advantage of the dip to accumulate more Ether positions. According to data from Santiment, Ethereum whales are taking advantage of the low prices to buy more ETH. The blockchain analytical firm tweeted that the shark and whale address, with 100 to 1 million ETH, added 2.1% more coins to their wallets. It could be a sign of bullish sentiment for a price rally in the weeks to come. Ethereum is currently trading at $1,280. Two months ago, before Ethereum transitioned to proof of stake, many investors were bullish about the price increase the upgrade could bring. However, two months after the merger, their hopes got dashed as the asset price continuously dropped. Although the upgrade sought to improve the blockchain’s infrastructure, the co-founder said it could take months to reflect on the ETH price. Bitcoin Stays Down While XRP Surges Amid Whale Accumulations While Ethereum seems to exhibit some bullish trend, Bitcoin is declining with a 24-hour price drop of $0.02%. Other coins are not doing any better, including FTX, except XRP. The report shows that the XRP price increased in the last 24 hours after whale accounts moved over 160 million tokens. According to a report, whales accumulated more than $19 million of XRP tokens from the Bitso crypto exchange. In addition, the report revealed that the tracker recorded another whale addition of 40 million XRP,  approximately $15.3 million. Related Reading: Bitcoin Price Prediction: What Elliott Wave Theory Suggests Is Next For BTC The tracker also reported that an account with the name, Ripple, moved more than 50 million XRP of about $19.2 million to an anonymous wallet. These accumulations saw XRP’s price gain a 2% increase in the last 24 hours and are currently trading at $0.3918. The news comes as the XRP lawsuit tends towards a summary judgment. Featured image from Pixabay, chart from TradingView.com

Upcoming FOMC Meeting Is The Most Important Ever For Bitcoin – Watch Out For The Dot Plot

With the Bitcoin price posting a small gain of over 1.5% over the last seven days, the market is in for a blockbuster next week. The release of the Consumer Price Index (CPI) on December 13, Tuesday at 08:30 AM ET, will once again be “the most important CPI ever”. Just one day later, on December 14, Wednesday at 2:00 PM ET, the final Federal Open Market Committee (FOMC) meeting of the year will take place. Remarkably, FED members will release their updated forecasts for inflation and interest rates (dot plot) at the meeting. A Blockbuster Week The dot plot is released only four times a year – in March, June, September, and December – and presents the FOMC’s economic projections, which look at GDP, unemployment rates, and inflation for the coming months as well as over the longer term. Within the dot plot, each member of the Committee publishes its view of potential interest rates over the longer term. For investors, this is extremely useful information as it allows market participants to see if the consensus path for longer-term interest rates is changing. Related Reading: Bitcoin Price Regains Strength, Why BTC Could Surpass $18K This Time The markets, as well as Bitcoin investors, will therefore be eagerly watching the inflation forecasts for next year, as well as the interest rate expectations for 2023 and 2024. As economic journalist Colby Smith wrote in November, the September dot plot showed most officials favored a slowdown to 50 basis points in December. The question for next week will be whether the Fed, led by Powell, will put into play a slower rate hike pace of 25 basis points (bps) or even a pivot. The Fed introduced the notion of slowing down the pace of hikes in July and the September dot plot showed support from most officials for a downshift to 50bps in December. The question today is how far Powell goes to ratify that move https://t.co/Pn8n0lh4kZ @FinancialTimes pic.twitter.com/62XOqMlm3T — Colby Smith (@colbyLsmith) November 2, 2022 A Year-End Rally for Bitcoin? These two events could be the “last remaining hurdles” for a year-end rally for Bitcoin, QCP Capital wrote in an analysis. However, a higher-than-expected consumer price index and a tighter stance by the Federal Reserve could derail that rally, as was seen in the April and August reversals. Related Reading: Ethereum Addresses Holding 32 ETH Or More On The Rise, This On-Chain Data Shows On the other hand, further disinflation could lead many to seek a continuation of the rally through the end of the year, according to QCP Capital’s analysis. It goes on to say that the question markets now face is where inflation will bottom. Even if 2% inflation is out of reach next year, will it fall low enough such that the Fed will have room to cut rates while keeping real rates positive? Therefore, one key market theme for next year will be the shift from ‘peak inflation’ to ‘trough inflation’. This is another reason why the dot plot is of paramount importance. As the last two releases show, Powell has stuck relatively strictly to projections regarding interest rates. Thus, the dot plot could reveal some insights into Powell’s thoughts about a pivot. If the new data matches CPI expectations, it would be the fifth consecutive monthly decline. After peaking at 9.1% YoY in June. Next week’s reading could be even the lowest since January. Will Powell Follow His Words Given Powell’s recent comments to the Brookings Institute on November 30, it is also likely that the FED will stick to the script and raise the policy rate by only 50 basis points to 4.5%, reinforcing bullish sentiment in the market. If the CPI even comes in below expectations, markets could frontrun the Fed’s decision and trigger an end-of-year rally. In any case, next week will provide blockbuster volatility in the Bitcoin and crypto markets. Investors should pay close attention to the release of the FED’s dot plot. At press time, Bitcoin was trading at $17,228, showing signs of strength ahead of the FOMC meeting.

How Litecoin (LTC) Outperforms Other Top Cryptocurrencies In This Department

Litecoin (LTC) seemingly hit a speed bump that caused its bullish run to slow down a bit after it rallied all the way up to the $83 zone on December 5. The following day, the cryptocurrency closed the trading session with a trading price below the $80 marker before reclaiming said territory on December 7. Since then, the altcoin has been on a downward trend although it is already showing signs of recovery. In fact, at the time of this writing, according to tracking from Coingecko, Litecoin is changing hands at $78.18. LTC only managed to go up by 3% during the last 24 hours but it is still enjoying an increase of 36.3% in its value over the last 30 days. Moreover, the asset, despite its recent price dump, has once again managed to outperform other major cryptocurrencies in other departments. Related Reading: Solana Price Falls Below $14 – Does This Signal A Gloomy Week For SOL? Litecoin Surpasses Ethereum, Dogecoin, XRP In Transactions The 13th largest digital currency with a total market cap of $5.60 billion recently emerged as one of the top choices among cryptocurrencies used as a mode of payment for Bitpay. Specifically, Litecoin accounted for 27.64% of the overall tally of transactions that were being processed by the company’s platform. Although it failed to supplant Bitcoin in this category after the maiden crypto appeared to have been utilized as payment for 41.62% of Bitpay’s total transactions, LTC still beat the likes of Ethereum (ETH), XRP and Dogecoin (DOGE). In addition, the altcoin also proved to be profitable for its miners as data shared by CryptoCompare revealed Litecoin mining had an extremely high profitability rate of 58%. Along this line, its network hash rate also spiked by 3.05% during the last 30 days – a development that suggests that the asset’s blockchain remains strong and healthy. A Bearish Outlook Looms For Litecoin After a bear market-defying performance, LTC seems to be headed on a decline that might cause it to lose the gains it had when it increased its price by more than 33% after November 23. The cryptocurrency experienced rejection when it tested the resistance region of $84.45 as its Relative Strength Index (RSI), which now stands at 38.40, has fallen below the 50-neutral score. The current state of the above-mentioned technical indicator coupled with its Chaikin Money Flow (CMF) which was below zero (-0.06) at the time of this writing indicates the momentum now belongs to sellers. With that being said, Litecoin appears to be headed for another bearish trajectory and if left to deal with the possibility of a decline all the way down to $70.40. Related Reading: Ethereum Addresses Holding 32 ETH Or More On The Rise, This On-Chain Data Shows LTC total market cap at $5.6 billion on the daily chart | Featured image – The News Wheel, Chart: TradingView.com

Ethereum Addresses Holding 32 ETH Or More On The Rise, This On-Chain Data Shows

As the bear market continues, Ethereum – the second-biggest cryptocurrency – continues to struggle. If you look at the data from CoinGecko, the most notable positive change is 4.1% on the bi-weekly timescale. The red flashing of the longer time scales, however, indicates that ETH has been declining in value since the FTX collapse, and this fact overshadows the shorter time scales. The upswing was triggered by a sudden increase in demand for prime real estate The descending triangle, a confirmation of a rally, is formed in part by accumulation blocks To push prices higher, ETH buyers need to break over the $1,306.66 barrier However, a number of indicators are suddenly showing optimistic signs. With the price of ether at $1,283 right now, recent headlines have reported a sharp increase in the number of holders with 32 ETH or more, or around $40,000. Unfortunately, the number of functioning addresses on the blockchain did not expand in tandem with the number of addresses holding significant amounts of cryptocurrency. Related Reading: Up Or Down? What To Expect From Solana (SOL) In The Homestretch Of 2022 Chart: TradingView Possibly Creating A Rally? Contrary to the rise, CryptoQuant reports that the number of active addresses fell on December 7th. Another bullish indicator is the sharp drop in foreign-exchange reserves that has coincided with the rise in the number of high-value addresses. ETH created two bullish order blocks before the increase in high-value addresses. The price of ETH increased by 14.33% and 12.94% during the first and second bullish blocks, respectively. The increase of high-value addresses has not yet been reflected in the price, as the price has decreased throughout this time period. Recent market moves have also contributed to the creation of a bullish descending triangle. The regression channel, which has a Pearson’s R value of 0.6824, bolsters this bullish finding. This indicates that the upward breaks of the upper half of the regression channel correspond to a significant upward trend. Quite Surprisingly Bullish The moving average of the Bollinger band acts as resistance at $1,252.15, thereby prolonging this surge. With the RSI rising and the MFI turning bullish, though, the ETH price should explode. Consequently, ETH bulls should initially aim for $1,306. If momentum permits, a further target of $1,348 would indicate that this is the relief rally that ETH holders have been anticipating. The construction of bullish order blocks, the decline in exchange reserves, and the increase of high-value addresses led to the current state of affairs. With Bitcoin’s bullish trend, the future of Ethereum appears to be very bright. Related Reading: Solana Price Falls Below $14 – Does This Signal A Gloomy Week For SOL? ETH total market cap at $156.7 billion on the daily chart | Featured image – The Block, Chart: TradingView.com

Ethereum Price Bulls Hold Strong, Indicators Suggest Fresh Rally To $1,400

Ethereum bulls defended the $1,220 support zone against the US Dollar. ETH is rising and might aim a strong bullish wave above the $1,300 resistance zone. Ethereum remained well bid and strong above the $1,220 zone. The price is now trading above $1,250 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $1,245 on the hourly chart of ETH/USD (data feed via Kraken). The pair is showing positive signs and might eye an upside break above the $1,300 resistance. Ethereum Price Remains Stable Ethereum price extended its decline below the $1,250 level. ETH even moved below the $1,240 support level and the 100 hourly simple moving average, similar to bitcoin. However, the bulls were active near the $1,220 support zone. They defended more losses and slowly ether price moved higher. There was a move above the $1,240 and $1,250 levels. There was a break above the 50% Fib retracement level of the key decline from the $1,304 swing high to $1,220 low. Besides, there was a break above a major bearish trend line with resistance near $1,245 on the hourly chart of ETH/USD. The pair is now trading above $1,250 and the 100 hourly simple moving average. It is consolidating near the 76.4% Fib retracement level of the key decline from the $1,304 swing high to $1,220 low. An immediate resistance on the upside is near the $1,290 level. The first major resistance is near the $1,300 zone. Source: ETHUSD on TradingView.com A close above the $1,300 resistance might start a fresh increase. The next major resistance is near the $1,320 level, above which ether price could gain bullish momentum for a move to $1,400. Any more gains might send the price towards the $1,450 resistance zone. Fresh Decline in ETH? If ethereum fails to climb above the $1,300 resistance, it could start another drop. An initial support on the downside is near the $1,260 level and the 100 hourly simple moving average. The next major support is near the $1,220 level. If there is a break and close below $1,220, the price could drop towards the $1,200 support. Any more losses could lead the price towards the $1,165 support. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now correcting from the overbought zone. Major Support Level – $1,220 Major Resistance Level – $1,300

Polkadot Bears Might Drag Its Price Down Despite Bullish Signals

The Polkadot price has attempted to break past its immediate resistance several times during the first week of December. Despite that, the bulls could not build on their strength. This suggests that the coin’s buying power remained low at higher price levels for the altcoin. The technical outlook for the coin depicted a fall in demand. Accumulation has remained quite low for Polkadot throughout the month of November and the first few weeks of December. DOT increased 2% over the last 24 hours, but that doesn’t reflect bullishness on the one-day chart. The Polkadot price has to trade above the $5.71 mark to target $6. The $5.71 price resistance has been a strong barrier for the coin. Broader market strength and a push from buyers can only help the altcoin move north. Polkadot market capitalization also declined, indicating that bearish strength still prevailed. Related Reading: MATIC Price Battles Under $1 Despite Bullish Signals Polkadot Price Analysis: One-Day Chart DOT was trading at $5.30 at press time. Although the coin crossed the $5 mark, the bears could drag the price to $4.30. Immediate resistance for Polkadot was at $5.71, breaching which DOT could have a shot at $6. On the other hand, the first line of support stood at $4.50, falling through which the coin will rest at $4 if DOT does not lose momentum, which appears unlikely given the low demand for the altcoin. A bounce off the $5 mark could help Polkadot move above the $5.70 mark. Toppling the $5.70 level will give DOT a chance to rally to $6.21. The amount of Polkadot traded in the last session remained low, which meant bearishness on the chart. Technical Analysis DOT depicts that buyers have lost interest in the altcoin. The Relative Strength Index (RSI) fell closer to the 40-mark, meaning that buying strength was much lower than selling strength on the chart. The Polkadot price had tried to move above the 20-Simple Moving Average (SMA) line several times in the past few weeks. Despite that, the bulls lost steam. At the moment, the Polkadot price was below the 20-SMA line, which indicated low demand and that sellers were driving the price momentum in the market. The other technicals also pointed towards negative price action. The Directional Movement Index was negative, as the -DI (orange) line was above the +DI (blue) line. The Average Directional Index (red) indicates the strength of the price momentum; it was above the 20 mark but noted a downtick. This downtick denoted a loss in the strength of the price momentum. Bollinger bands depict price volatility and fluctuation. The bands were constricted, indicating range-bound movement and low volatility for the altcoin. Related Reading: Bitcoin Price Prediction: What Elliott Wave Theory Suggests Is Next For BTC Featured image from Unsplash, Chart: TradingView.com

Bitcoin Price Regains Strength, Why BTC Could Surpass $18K This Time

Bitcoin price remained strong above the $16,700 level. BTC formed a base and started a fresh increase above the $17,000 resistance zone. Bitcoin found support near $16,700 and started a decent increase. The price is trading above $17,000 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $16,875 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is eyeing more gains above the $17,400 and $17,500 resistance levels. Bitcoin Price Eyes Upside Break Bitcoin price declined below the $16,800 support level. However, BTC bears failed to clear the $16,700 level. The price traded as low as $16,700 before there was a fresh increase. There was a decent increase above the $16,850 and $16,900 levels. The price cleared the 50% Fib retracement level of the downward move from the $17,440 swing high to $16,700 low. Besides, there was a break above a major bearish trend line with resistance near $16,875 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $17,000 and the 100 hourly simple moving average. It is also trading near the 76.4% Fib retracement level of the downward move from the $17,440 swing high to $16,700 low. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $17,280 level. The first major resistance is near the $17,450 zone, above which the price may perhaps start another steady increase. In the stated case, the price could rise towards the $18,000 resistance. The next major resistance is near $18,250, above which the price rise towards the $18,500 zone in the near term. Dips Supported in BTC? If bitcoin fails to clear the $17,280 resistance, there could be a fresh bearish reaction. An immediate support on the downside is near the $17,100 level. The next major support is near the $17,000 zone and the 100 hourly simple moving average. A downside break below the $17,000 support might call a drop towards $16,700. Any more losses might push the price towards the $16,200 zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the overbought zone. Major Support Levels – $17,000, followed by $16,700. Major Resistance Levels – $17,280, $17,500 and $18,000.

Crypto Crisis Pushes BTC Mining Difficulty To Bottom Spot, Any Possibility Of Reversal?

The low profitability of BTC mining is still puzzling for many crypto fanatics and investors. There’s no surprise here, given the ever-increasing energy costs. Moreover, the bear market is also significantly impacting Bitcoin’s mining difficulty. As for now, making reasonable profits from mining Bitcoin is not probable. This fact, however, doesn’t imply that BTC mining is fruitless. On the contrary, miners would be alright, provided they engage the right tools in the mining process. Related Reading: Data Suggests Ethereum Layer-2 Tokens May Experience Explosive Upside The Difficulty of BTC Mining Drops The BTC mining sector is experiencing a downturn. The difficulty percentage of mining Bitcoin dropped to about 7.32% on Tuesday. This occurrence isn’t far-fetched from the plummeting prices of digital tokens, which has also lessened miners’ gains. According to data from the BTC.com mining pool, the system made the most significant adjustment since July 2021, with block height at 766,080. The adjustment matched July 2021, when many miners backed out of the system. This motion resulted from China’s ban on digital currencies at the time. As per the BTC mining process, the computing power or hashrate upon mining defines the outcome of mining difficulty. This system is essential to stabilize the time required to achieve one block of Bitcoin. As the number of miners increases, so does the mining difficulty. In addition to the reduced mining difficulty, BTC miners are also seeing a steady increase in energy costs and electricity rates. These events also negatively impacted miners’ revenue in the last few months. Howbeit, miners are not the only victims of the stubborn plummeting price of Bitcoin. Recognized producers like Argo Blockchain (ARBK) and Core Scientific (CORZ) strive to survive bearish market liquidity pressures. Compute North, on the other hand, saw Chapter 11 bankruptcy as the only way out. The company witnessed a breakthrough after acquiring new and efficient equipment a few months back. At the time, they received new miners who drove several projects into success. Also, there was a notable increase in difficulty and hashrate between August and November 2021, when the last positive adjustment was made. Crypto Winter Becomes The Main Influence The company had hoped that the success would continue, only to be driven by the adverse wind of the 2022 crypto winter. This was the beginning of the downturn of the hashrate. Nevertheless, it displays higher values than those shown immediately after China’s breakoff from the crypto sector. Miners now seek to have a reduced price of electricity due to the steady plunging in profits. But, according to a Luxor analyst, Jaran Mellerud, miners still pay between $0.07 and $0.08/kWh for an average electricity price of $0.05/kWh. In the meantime, the price of BTC stands at $16,961. The token shows a 24-hour price change of -0.46%. Featured image from Pixabay, chart from TradingView.com