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Bitcoin prices are approaching the average production cost for miners, causing potential impacts on profitability and market dynamics. Recent market data suggests Bitcoin may have hit a local bottom, despite ongoing sales by the German government and pending distribution of BTC by Mt. Gox. The market is experiencing increased volatility, with Bitcoin selling intensifying and memecoins gaining more attention than coins with 'utility.'
Bitcoin dumped 4% in just minutes
Assessing the ratio between the #Bitcoin unrealized profit/loss per coin, we can see that the magnitude of paper gains held is 8.2x larger than paper losses. Only 18% of trading days have recorded a larger relative value, all of which are within Euphoric bull market regimes. https://t.co/ltejMiq2Ml
Volatility in Bitcoin has certainly picked up in recent weeks. I expect the same with the equities market soon. Not even suggesting a correction. Just the mildest of mild 3-5% digestive consolidation period.