Bitcoin (BTC) price failed to hold above $17k and fell to the support near $16,500 again. The BTC price remains under pressure as miner capitulation risk continues to haunt traders looking to make long positions. On-chain data reveals miners are indeed liquidating their Bitcoin holdings due to financial constraints. The effect can be easily seen in the falling share prices of mining companies.
Miner Capitulation Risks Sharp Fall in Bitcoin Price
Crypto mining stocks listed on NASDAQ including Marathon Digital, Core Scientific, Riot Blockchain, Hut 8 Mining, HIVE Blockchain Technologies, and Stronghold Digital Mining fell massively in the last 6 months. The situation has worsened this month, with Marathon Digital, Core Scientific, and Stronghold Digital Mining plunging 46%, 20%, and 38% in a month, respectively.
Crypto miners have reported poor quarterly results and dropping numbers of crypto assets mined. While Bitcoin prices have fallen this year, Bitcoin hashrate, which denotes minin
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