The selloff started at the beginning of last month forced several miners to close their operations; Market reports indicate that the bitcoin breakout level is around $ 5500 up to $ 6000 – which is significantly higher than the current bitcoin price of $ 4000.
The price of the bitcoin has plummeted from $ 6500 at the beginning of last month to $ 3500 on November 25th. The larger coin continues to make small side moves around $ 4000 in the previous week.
The plateaus have felt more pressure, among the decrease in the confidence of traders in the cryptocurrency markets. This is evident from a steady increase in the bitcoin domain in the last two weeks. Bitcoin dominance in the cryptography market is slightly less than 54%, the highest level in the last two months.
Bitcoin Miner Argo Blockchain is optimistic about the future
Although reports show that miners are struggling to survive, Argo Blockchain, a listed company in the United Kingdom, maintains that demand for their products and services remains strong despite the considerable price collapse over the past eleven months.
"Our mining packages are picked up quickly as we make them available and the demand continues to outgrow the offer", Said the co-founder and director of Argo, Mike Edwards, in a commercial update on the market."Despite the recent decline in the cryptocurrency market, we are continuing to experience a strong increase in revenues due to the successful execution of our growth strategy".
Investors have encouraged the strong comments of the co-founder of Argo. The price of its shares rose more than 20% following the declaration.
However, the comments of Argo's director about short-term volatility are contrary to what other big big bitcoins are experiencing.
The second largest cryptocurrent drilling rig manufacturer in the world, Canaan Creative announced last week that it sells all its Avalon-branded equipment for sale at $ 200 per unit, which is substantially down from its previous price of $ 700.
Is there any hope for improving the business environment for Bitcoin miners?
It is true that bitcoin miners around the world are under intense pressure due to the massive drop in bitcoin prices. Their business model is entirely related to the price of bitcoins. In this way, the economic environment would become more complicated for miners if the price of bitcoin extended the downward trend in the next year.
Top 10 CryptoCurrency Price Analysis Today
Bitcoin's price dropped nearly 40% last month, and peak cryptocurrency has fallen almost 77% since it hit the all-time high of $ 20,000 at the start of this year.
Bitcoin miners expect the price of bitcoins to exceed the physiological level of $ 6000 for their survival. Bitcoin investors and market players are aggressively looking towards institutional investments to create a price hike. The latest agreement among the G20 countries on cryptocurrency market regulations would also help increase investor confidence.
Jeff Sprecher, president of the NYSE, believes the cryptocurrency market will survive its latest price collapse. Responding to the question on the survival of cryptocurrency markets, he said "The answer is unequivocal [digital assets will survive]. As a foreign exchange operator, it is not our purpose to work on prices".