Bitcoin (BTC) seemed to be working with some momentum, but unfortunately, that bounce did not occur, and the coin’s price fell below $4,000, which triggered further selling all the way down to $3,801 on Coinbase — its lowest point since Nov. 28. As of the time of writing, BTC/USD was holding at $3,882. All told, the crypto market lost around $12 billion.
One of the most disturbing trend for many who are long BTC is the loss of miners. The exodus of miners (and pictures across Twitter showing mining rigs unused in a warehouse) have created a psychological low for the coin. The cost of equipment in conjunction with the amount of electricity required to mine at a profitable rate had inevitably led some once enterprising individuals to cut their losses and exit the industry. But, as many have pointed out, there could also be a general shift away from BTC at present, with the mainstay of miners seeking out more profitable coins in the interim until Bitcoin prices show a more promising outlook.
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There are many that believe that the hashwar over Bitcoin Cash saw many hodlers close their positions in protest, and that this downturn is a temporary low point as these traders will eventually return. However, the latest sell-off has also cast a dark cloud over the U.S. Securities and Exchange Commission’s (SEC) decision expected at the end of December over a much-anticipated bitcoin exchange-traded fund, brought (and hyped) by U.S. investment firm VanEck, blockchain software company SolidX, and the Chicago Board Options Exchange (CBOE).
Bitcoin was far from the biggest loser amongst the world’s largest cryptocurrencies in the most recent sell-off, with EOS and litecoin recording the steepest falls over the last 24 hours. Even Ripple’s XRP, which has been supported in recent months by deals with major international banking giants to provide cheap cross-border payments, has taken a beating, dropping almost 5%