Plunge of Bitcoin
The start of Bitcoin Cash (BCH) forking had forced the cryptocurrency market to drop >50% against the USD. Popular altcoins including Ethereum (ETH) and Monero (XMR) sit at $107 USD and $56 USD respectively. On our Crypto Miner Australia Facebook page, we have been posting about the drops of Bitcoin (BTC) and the potential warning signals once Bitcoin drops below $6.2k. Today, Bitcoin had tremendously dropped down to sub $4k reaching an all time low for this year at $3.8k. From our analysis with the 200 days moving average, Bitcoin and the cryptocurrency market is now oversold and could potentially have a signification fast rebound.
TCG TECH performs cryptocurrency mining in Australia and China. We would like to share our thoughts from miner's perspective. We have observed many partner miners unplugging their mining systems during this bear market. At this moment, the market is not profitable to do further mining, thus we would advice other fellow miners not do purchase new mining systems at this stage. We predict it would take at least 4 years to recover from this crash. Oversupply of mining systems will continue to reduce cryptocurrency pricing. For mining hardware related questions, feel free to Contact Us for more information.
If you would like to know more updates about cryptocurrency, make sure you follow our Crypto Miner Australia Facebook page for more updates.