Bitcoin’s production cost is dropping, and price action often rebounds to new highs if it dips below it, data shows.
China’s crackdown on Bitcoin (BTC) mining may have unintended benefits for BTC price action, one analyst suggests.In a tweet on June 18, Charles Edwards, CEO of investment firm Capriole, argued that the Chinese miner exodus was already lowering Bitcoin’s potential price floor.Don’t believe the China FUDAs a shake-up sees Bitcoin hashing power redistributed away from China, Bitcoin’s electrical cost — the combined cost of keeping the network running — is dropping.As Edwards notes, this “Bitcoin production cost” is very rarely crossed by spot price. In becoming lower itself, the indicator thus opens up the possibility of another price dip, one which nonetheless has been followed by bull runs in the past.”Don’t believe it: China mining fud is not healthy for Bitcoin,” he commented on an accompanying chart of
Ethereum’s realized cap spikes to record highs as capital floods in: Report
Ethereum’s realized cap has surged into new all-time highs this month, indicating that new money is rushing to…
