With the Bitcoin hash price at an all-time low, current miner capitulation reflects the dramatic drop in profitability observed in December 2022. Bitcoin’s price is in risk of losing its $60,000 support.
The Bitcoin miner surrender following the Bitcoin halving event in April is still the most followed event. According to on-chain statistics, the Bitcoin hash price has reached an all-time low, with numerous miners apparently turning off rigs due to growing expenses and declining payouts.
Bitcoin hash price at all-time low
In a recent update, CryptoQuant CEO Ki Young Ju stated that the Bitcoin hash price has reached an all-time low. This has prompted numerous mining corporations to reduce their spending in mining equipment. As a result of the present uncertainty in the bitcoin market, miners have begun to explore for other Proof-of-Work (PoW) cryptocurrencies.
#Bitcoin hash price hit an all-time low. Many mining companies slowed mining rig investments, with some switching to other PoW coins to hedge against market uncertainty. https://t.co/fwTGWRzcz6 pic.twitter.com/j7qbAvXvXq
— Ki Young Ju (@ki_young_ju) June 28, 2024
According to CoinGape, big market participants like Marathon Digital have already begun to shift their focus to mining PoW currencies like as Kaspa.
Ju went on to say that the miners’ current shift does not always mark the end of the cycle. He also indicated that Bitcoin mining businesses are not long-term pessimistic on Bitcoin; rather, they are simply hedging and waiting for buy-side liquidity to revive.
It will be fascinating to observe how long the Bitcoin (BTC) miners continue to capitulate. According to QCP Capital, $58,000-$60,000 has proven to be a strong support level for Bitcoin throughout the second quarter. However, the market continues to suffer further selling pressure from government sales as well as Mt. Gox’s Bitcoin release.
QCP Capital expects that the Bitcoin price will fall further to $50,000, where it finds significant support. Traditional banking institutions may show an increased interest at this pricing range.
Miner capitulation at 18-month low
CryptoQuant has discovered that Bitcoin miners are presently facing a large drop in profitability, comparable to the dramatic slump seen in December 2022. During that time, miners’ profits fell 7.6%, coinciding with the market’s lowest point since the FTX crash.
#Bitcoin miner capitulation has reached levels comparable to December 2022: 7.6% drawdown.
December 2022 marked the cycle bottom after the FTX colapse. pic.twitter.com/8A3p2XDvXW
— Julio Moreno (@jjcmoreno) June 28, 2024
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Court allows most SEC claims to proceed in Binance suit
Judge Amy Berman Jackson, however, rejected the SEC’s assertion that BNB is improperly traded on secondary markets, citing the Ripple judgment.
Binance, a cryptocurrency exchange, has failed to persuade a United States court to dismiss the majority of allegations brought against it by the country’s securities regulator.
Claims relating to Binance’s staking program, the sale of BNB following its initial coin offering, and anti-fraud offenses will be heard, according to Judge Amy Berman Jackson in a court filing on June 28.
The security regulator’s argument that former Binance CEO Changpeng ‘CZ’ Zhao functioned as a “control person” will also be pursued, as will the accusation that Binance was required to register under the Exchange Act.
However, the Securities and Exchange Commission did not make a clean sweep, with Jackson finally dismissing accusations connected to BNB secondary market transactions as well as all sales related to the Binance USD (BUSD) stablecoin.
Jackson used Judge Analisa Torres’ verdict in the SEC’s lawsuit against Ripple to justify her decision to dismiss the SEC’s BNB secondary market sales allegation.
It caught finance lawyer Scott Johnsson off guard, describing it as a “big loss” for the securities regulator.
Eleanor Terrett of FOX Business anticipates attorneys from Coinbase, Kraken, and Consensys to “use this opinion to bolster their positions in their own litigations.”
You can fully expect @coinbase, @krakenfx and @Consensys lawyers to use this opinion to bolster their positions in their own litigations.
And the @SECGov lawyers can no longer argue that the @Ripple ruling was merely an outlier that no other judges agree with. https://t.co/xC4VOtJvOX
— Eleanor Terrett (@EleanorTerrett) June 29, 2024
Jackson also denied the SEC’s assertions about Binance’s passive income product “Simple Earn”.
Jackson has set a court appearance for July 9.
The SEC, lead by Gary Gensler, sued Binance in June 2023, alleging that it sold unregistered securities and operated illegally in the United States.
Binance and CZ submitted a motion to dismiss the SEC action around three months later, saying that the SEC exceeded its legal power.
Binance’s money transmitter license has been withdrawn or denied renewal in seven states throughout the United States, including Alaska, Florida, Maine, and North Carolina.
Meanwhile, CZ is serving a four-month prison sentence for breaking money laundering regulations.
Despite the lawsuit, Binance remains the world’s largest cryptocurrency exchange, with more than 200 million customers and $100 billion in assets under control.
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Analyst expects XRP to outpace Bitcoin by 243%, with price rallying to $1.57
Notable analyst Javon Marks predicts XRP might beat Bitcoin by 243%, with an XRP price growth of more than 3.3x to $1.57.
Marks revealed this despite the present market volatility. The decline has weighed on prices, with Bitcoin (BTC) leading the way. BTC, as the most renowned crypto asset, continues to drive the trajectory of the broader market, accounting for 53.1% of the market. As the rest of the market moves, so does XRP.
However, amid the recent decline, XRP has outperformed Bitcoin and the broader market. In a research released earlier this week, Crypto Basic verified this tendency. Notably, BTC is down 8.70% this month, while Ethereum (ETH) has fallen 8.17% in the same time frame.
Furthermore, despite a recent 24-hour price increase on VanEck’s spot ETF filing, Solana is down 11.83% this month. Meanwhile, XRP fell 7% in June, incurring fewer losses than the whole market.
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Analyst expects XRP’s resurgence
Nonetheless, market players have frequently expressed worries over XRP’s inability to record gains when other assets grow. For reference, XRP has performed worse than the rest of the market over a longer span. Javon Marks feels this pattern may be coming to a stop, predicting an XRP boom.
$XRP / #BTC has, on a Logarithmic Scale, broken out of a notable, near year long resisting trend and this can be a sign of a major bullish reversal to come in.
With this breakout, a follow through can result in XRP outrunning Bitcoin by more than 243%!
In Mid 2023, XRP moved… pic.twitter.com/84Aqlp3rLI
— JAVON⚡️MARKS (@JavonTM1) June 27, 2024
He alerted the investing public to a dropping trendline on the XRP/BTC chart during a two-day period. This trendline created as a result of the downturn that XRP has experienced versus Bitcoin since July 2023. Recall that when XRP’s price surged to $0.93 in July, it saw a 63% increase over Bitcoin.
However, after the surge, a retracement occurred. The current decline, which began in August 2023, has continued on the heels of this pullback. As a result, XRP has fallen 70% versus Bitcoin since July, with the XRP/BTC ratio dropping from 0.00002593 to the current value of 0.00000773.
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XRP eyes 243% rise against Bitcoin
Interestingly, Marks verifies that XRP has broken above the declining trendline. This comes as the altcoin makes up some lost ground against BTC. In the midst of the continuing instability, XRP’s better resistance against bears has aided the recovery effort. Notably, the XRP/BTC pair has climbed by 16% since its June 7 low.
The market expert anticipates the breakout from the declining trendline to result in a 243% increase in XRP’s price vs Bitcoin. According to his chart, this would bring the pair to 0.00001966. However, the analyst believes that such a surge versus Bitcoin would necessitate a subsequent price increase in XRP.
Marks believes that the predicted price increase will enhance the value of XRP by up to 3.3 times. With XRP now priced at $0.4768, a 3.3x increase would push the price to $1.57. The last time XRP reached this price level was in May 2021, after a fall from its $1.96 peak in April of that year.
