Investors are paying keen attention as Bitcoin, which collapsed to the $20,000 level last month due to unfavorable factors such as the U.S. interest rate hike and the Ukraine crisis, has recently rebounded. Amid the “miner capitulation” phenomenon in which mining companies sell more cryptocurrency than mining, expectations are growing that a trend rebound will continue in the future as prices continue.
However, experts warn that despite the recent temporary rebound, the investment environment surrounding cryptocurrency is still not good, so caution should be taken. Analysts say that there is a risk of further plunge as related companies such as the cryptocurrency exchange continue to stop withdrawing deposits and worry about bankruptcy.
According to Coinmarketcap, on the 20th (local time), Bitcoin is recording $23,233.50, down 0.66% from the previous day. Bitcoin, which recovered to the $24,000 level during the day, entered a downward trend on news that Tesla, a U.S. electric vehicle company, sold 75% of Bitcoin, but continued to maintain the $23,000 level.
Earlier, Bitcoin was pushed back to the $18,000 range last month as investors sentiment further froze after the plunge in Luna and Terra, a cryptocurrency that occurred in early May. However, optimism has been raised that cryptocurrency prices have bottomed out throughout the market this month, and Ethereum, which leads the cryptocurrency market along with Bitcoin, has been updated since September, and the market environment has begun to improve.
According to Bloomberg News, major bitcoin mining companies are reducing mining volume due to the recent heat wave in the U.S. and Europe, which has led to a sharp rise in electricity bills and lower mining profitability. In fact, in the case of Argo Blockchain, a British-based bitcoin mining company, last month, it sold 637 BTCs to the market, more than 3.5 times more than 179 Bitcoin (BTC)