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The big pancake keeps falling! Is the bull market over or just a temporary pullback? Is there still an opportunity to strategize now?
Under the dual pressure of turmoil in the Global bond market and uncertain economic prospects, the Cryptos market has significantly retraced for the second consecutive day. After Bitcoin lost the $0.1 million threshold, it continued to decline today (9th), at one point dropping below $0.093 million, erasing almost all gains since the beginning of the year. As of the time of publication, it has rebounded to around $93,000.
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The cryptocurrency Industry is facing profit squeezes, and USA mining companies are "making ends meet".
It is estimated that in the third quarter of last year, the Average Cost of producing Bitcoin for all miners listed in the USA was $55,950 per coin, a 13% increase from the previous quarter, with an Average Cost of $106,000 including depreciation and stock-based compensation costs. Bitcoin is currently priced at $101,439.1. This means that if the price of Bitcoin does not rise, it may lead to many miners shutting down their machines or going bankrupt.
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