Hi,
we have a new decline of BTC today. For me it is huge, as 5% can be considered a huge margin for a whole year, not a day.
As it is going under 20k, I fear that the next resistance will be broken soon. People panic sell or sell to buy later cheaper. Both scenarios adding a lot of pressure to the market.
The action that makes me think, is that the miners sell in masses. It would be interesting why they do it? Do they need cash? Are they also afraid or the energy cost is that high?
This I can't answer, as it is a relevant question.
Also, switching from a PoW system, might stabilize the price, as BTC is seen as an environmental destroying coin, which is somehow true.
Crypto is influenced by BTC, as BTC is the crypto, so every swing BTC makes, the others follow, no matter the application or how good they are.
I hope that if it continues to drop, that I'm able to buy 1 full BTC in a single transaction. That would be a blast to hold.
Will BTC climb fast again? I don't know and can't tell.
It would be interesting to see, how do you see the crypto situation?
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I think we see some recovery soon, not back to all time highs, but higher than we are.
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a pity that you still seem to not have understood Bitcoin. Proof-of-work is one of the main reason why Bitcoin is Bitcoin, why it is something new and completely different than the old system and new "crypto" BS scams. PoW is true decentralisation and makes Bitcoin truly permissionless. PoS on the other hand is broken, insecure and leads to centralization or failure or both - centralization being a sub-type of failure.
I might not convince a true shitcoiner but if even one reader questions that "destroying the environment" FUD lie, my comment was already worth it.