Bitcoin Price Crash Next Trigger As Bitcoin Funds Exit At Multi-Month Highs
Bitcoin miners are among the most volatile assets on earth, but they’re also at the heart of this cryptocurrency’s boom/bust cycle.
As a result, investors in the space have been paying close attention to developments in the world of mining particularly those that could affect demand for bitcoin.
Bitcoin has been trading sideways for weeks and it’s now trading below $6,000 once again. As many as 80% of miners have already signaled that they plan to leave Ethereum for Bitcoin Cash if the latter becomes more profitable, according to Josh Olszewicz from Blocktower Capital (a firm that specializes in cryptocurrency investment).
That suggests that if you were looking for a trigger point for a crash which many folks were then you might want to look at bitcoin mining activity rather than just looking at what’s happening with prices of individual cryptocurrencies.
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