The trade price of Bitcoin crashed below its strong buy support level of $60k and now the trade price is fluctuating around the $57k level.
The current trade price of Bitcoin (BTC), the top crypto asset by market cap, is $57,430. This trade price is nearly 7% down over the last 24 hours.
#Bitcoin is now trading at $57k level pic.twitter.com/cyKCtNORCB
— Bitcoinik (@Bitcoinikdotcom) May 1, 2024
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This sudden correction in the trade price of Bitcoin took place because of the bearish sentiments among Bitcoin investors.
As per reports, Investors’ belief that the Federal Reserve may not cut interest rates this year has dealt a blow to interest-rate-sensitive assets such as cryptocurrencies.
It is worth it to note that currently no positive factor regarding Bitcoin is in play and this is the main reason why investors are not considering buying Bitcoin with full confidence.
Bitcoin price downfall & Issues with Miners
As we know, the Bitcoin network went through a Bitcoin halving event on 20 April and now the reward to solve per block is only 3.125 BTC, which was earlier 6.25 BTC.
This latest downfall in the trade price of Bitcoin is a very big issue for Bitcoin miners because they’re not making a profit against their Bitcoin mining operations.
To maintain a minimum amount of profit for Bitcoin miners, who support the Bitcoin network & help network to executive transactions, the trade price needs to be increased at least by 15% from this level.
A week ago, miners were generating a better amount of profit because of the high transaction fee but that fee is now very low.
The current top priority Bitcoin network fee is $5.64. This means the majority of the Bitcoin miners are running mining operations at very low or zero profit.
Read also: Binance’s former CEO CZ sentences to 4 months in jail, not 36 months
Bitcoin plunges below $57k level amid a stagflationary feel in the U.S
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