The market turbulence may be exacerbated by miners experiencing a significant decrease in hashprice, which measures miner revenue per terahash. Currently, hashprice is at $44.69, potentially prompting some miners to sell off their reserves in order to cover operational costs. At the time of writing, the price of Bitcoin stands at $57,336, based on data from crypto.news.
Bitcoin’s rapid drop below $57k leads newcomers to surrender, according to CryptoQuant.
