According to data from CryptoCompare, on Thursday (November 21), between 08:30 UTC and 08:40 UTC, the price of Bitcoin (BTC) fell below $8,000 for the first time since October 25:
The Bitcoin price kept falling, and by 10:11 UTC, it had reached $7,916, meaning that (at the time of writing) Bitcoin is down 2.11% in the past 24-hour period:
That was the bad news.
The good news is that prominent macro economist and crypto analyst/trader Alex Kruger believes that, despite what you may have heard, "the market is a long long way from miner capitulation."
In a post on Twitter around 16:51 UTC yesterday (November 20), Kruger explained that although miner capitulation could happen "eventually" we are nowhere near that point since the Bitcoin hash rate has only dropped 4% recently:
Miner capitulation makes sense.
Eventually.
The market is a long long way from miner capitulation.
Hash tells you that story.
In 2018, the hashrate 10 day moving average dropped 32% in a month.
The October peak to December bottom drop was 35%.
It has only dropped 4% now. pic.twitter.com/uNEqMfmyRy
— Alex Kruger (@krugermacro) November 20, 2019
Featured Image Credit: Photo via Pexels.com
