The largest market cap cryptocurrency has fallen 72% from its all-time high and lost its store-of-value narratives in the market. BTC doesn’t stand firm in the reverse bear mark. Its transactions count and fee have decreased by 3% and 23%, respectively. The average daily value declined 44% QoQ.
Miners are those who are most affected by this crisis. Not just only the ATH in hash rate, declining BTC prices, but also lower transaction fees and increase energy prices are those major factors that stifle and suppress miners’ income.
Since the liquidity-fueled bull market in 2021, Bitcoin and NASDAQ 100 are correlated at 0.6 in Q3, 2022, white digital gold and physical gold are not much correlated, with the average figure being 0.2.
Average 30-day volatility for August was downwards with the figure of 60%, less than 80% for June. The main reason for it is that the liquidation of the crypto market is also decreased. Just only $5 billion for total long liquidation in August, less than half of this index in June.
Miners earn revenue in two ways: block rewards and transaction fees or BTC price, and the demand for block space on the market determines how much miners receive. According to the Messari Report dated 31 August, BTC miner revenue continues the downtrend with the price. Revenue in Q1 and Q2 declined 28% and 22%, respectively. At the time of this writing, Q3 revenue is still in the downward trend as the high energy cost and inflation.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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