RIOT - Bitcoin Market Remains Strong Despite Miner Troubles Says Analyst: 'Strong Demand Preventing Significant Price Declines' | Benzinga
In the face of miner capitulation, the Bitcoin (CRYPTO: BTC) market is showing impressive fortitude, keeping its price stable due to high demand.
What Happened: According to popular on-chain analytics firm CryptoQuant, hash ribbons, the metric that gauges the health of the Bitcoin mining ecosystem, indicated miner capitulation. This refers to the situation where miners stop mining activities due to low profitability.
This can be broadly attributed to Bitcoin’s recent halving event, which slashed block subsidies handed out to miners by half.
But despite these challenges for miners over the past month, the Bitcoin market has remained resilient.
Market Resilience During Miner Capitulation
"The analysis of hash ribbons and the current market dynamics suggest that despite the ...