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The price of bitcoin hit an all-time high of $ 5,332.83 in trading on Saturday before falling on Sunday as investors continued to wait and see where cryptocurrency could go.
On April 4, Bitcoin crossed for the first time the important bar of $ 5,000. He has managed to trade between $ 5,000 and $ 5,300 since April 6, but he seems to have lost the momentum he had previously recorded.
The small price drop, with Bitcoin trading at $ 5,252.12 at 22:20. EDT, described by Nulltx as a downward trend that "was predictable", Bitcoin meeting perhaps a minor hurdle after a week of "semi-bullish momentum".
"As long as BTC stays above $ 5,200, few people will express their concerns, because there is an equal chance that the market will rebound quite quickly," the report notes.
The slowing down of Bitcoin's progress comes at the same time that there was less significant news regarding Bitcoin and other cryptocurrencies, even though the implosion of the alternative cryptocurrency Bitcoin SV had attracted the Be careful during the week.
Although the news may be quiet, some reports suggest better days for Bitcoin.
Alex Krüger, an economist and global markets badyst, says the bitcoin extraction threshold now has a break-even point of $ 3,500.
The mining operational break-even point of Bitcoin for efficient mining operations is currently around $ 3,550. pic.twitter.com/gQrNYBcvLH
– Alex Krüger (@krugermacro) April 21, 2019
The calculation makes a number of badumptions, with CCN noting that Krüger uses the electricity tariff at US $ 0.055 per kWh, which is highly dependent on the area in which a bitcoin miner is operational.
The exploitation of bitcoins, which uses dedicated ASIC hardware to process transactions on the bitcoin blockchain, becomes increasingly difficult over time and therefore requires more computing power, which increases costs such as 'electricity.
While bitcoin miners get bitcoin rewards, there's a break-even point, it's the value of the amount of bitcoin that they earn compared to their costs and when the price of bitcoin has dropped last year, the miners began to struggle.
Bitcoin mining companies began shutting down in November and even the world's largest player, Bitmain Technologies Inc., was laid off and later canceled its initial public offering.
If Krüger's estimates are correct, Bitcoin mining companies will have a quieter sea.
Image: quoteinspector / Flickr
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