Bitcoin Shows Similar Bottom Signals to FTX Crash, CryptoQuant Reports
In the midst of Bitcoin’s ongoing decline, with a 4% drop in the last 24 hours to $58,350, CryptoQuant has announced a bottom signal for the cryptocurrency. According to CryptoQuant, the capitulation of miners is an indication that Bitcoin has historically reached a bottom in prices. The analytics firm revealed that miners are starting to exhibit signs of capitulation, potentially shutting down underperforming machines and selling BTC to mitigate their exposure. Two key signs of miner capitulation are a decline in hashrate and mining revenue per hash, both of which have fallen significantly this month. Hashrate refers to the mining power in the Bitcoin network, while hash price represents the income miners receive from a unit of hashrate. CryptoQuant points out that miner capitulation has historically signaled a bottom in prices, as was the case during the FTX collapse in November 2022 when miners showed signs of surrender and Bitcoin bottomed at $15,000 before starting to rise again.
