Will $17k Bitcoin trigger recovery or further miner selling pressure?
Steering away from the FTX contagion, Bitcoin [BTC] was making its way onto $17K. After residing in the bearish arena for quite some time, BTC managed to figure its way out. The asset even hit a low of $15,599.05 stirring panic among investors. However, bringing back some hope into the market the king coin revised it’s two-week high earlier today. Source As seen in the above chart, the sudden spike took Bitcoin from a low of $16,366.66, all the way to a high of $17,021.67. At press time, however, the asset encountered a slight correction which pushed BTC to $16,899. The asset’s daily price gain was at 2.54 percent. Out of all its investors, Bitcoin miner s were expected to be the ones at relief. The BTC mining industry took a major hit as the king coin continued to plummet. Amidst this, the latest surge was expected to be beneficial to these miner s. Despite this surge, the hash rate of the Bitcoin network continued to plummet. It was further brought to light that...