Crypto market update: BTC miners’ see profits slide

By Raffaele Redi

Oanda analysts claims BTC is following “lead set by equities” as crypto confidence wanes

A sell-off has dominated the cryptocurrency market on Thursday 26 May 2022 as confidence in cryptos among investors seemed be fading.

“Bitcoin continues to follow the lead set by equities as confidence in cryptos wane,” said Ed Moya, senior market analyst at Oanda. “Guggenheim Partners’ chief investment officer [Scott] Minerd, a well-known crypto sceptic, delivered another bearish call that bitcoin could fall to $8,000. ​His scepticism is always expected, but it does coincide when inflows into cryptos are at recent lows.”

However, Minerd’s bearish call came as investment bank JPMorgan confirmed $38,000 as a fair price for bitcoin (BTC), reported BusinessInsider.

The lead crypto is currently struggling to gain ground and break the $29,000 resistance level as the profitability of BTC mining continues to plummet.

“In November, a miner could earn $500 by feeding an S19 [bitcoin mining rig] with 1 MWh of electricity, but now this number has fallen to $146,” tweeted Jaran Mellerud, an analyst for Arcane Research.

BTC struggling

According to Currency.com, bitcoin (BTC), the largest cryptocurrency by market capitalisation, ended yesterday at $29,508, down 0.41%. As of this afternoon in London, it was trading at $28,350.

BTC was down 4.2% over the past 24 hours, and 4.3% lower over the past seven days, according to CoinMarketCap. Bitcoin’s market cap was $539.5bn – representing around 45.4% of the crypto market capitalisation – while the lead crypto’s trading volume was around 13.6% higher at $34.5bn in the past 24 hours.

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The digital oil, ether (ETH), according to Currency.com, ended yesterday at $1,940, down 1.85%. ETH was trading at $1,775 this afternoon.

The total crypto market capitalisation fell by $76bn from $1.261trn to $1.185trn in the past 24 hours.

Top gainers and losers

Of the top 100 coins and tokens on CoinMarketCap, terraUSD (UST), the algorithmic stablecoin responsible for the recent turmoil in the crypto markets, was the top gainer, having enjoyed a 3.8% increase over the last 24 hours, and was changing hands at $0.07815.

In contrast, the top 100 loser was STEPN (GMT), the Web 3.0 lifestyle app and governance token, which recorded a 21% decrease over the last 24 hours and was trading at $1.09.

Among all the crypto coins and tokens that gained or lost the most today, Metarea VR (METAVR) witnessed a 282% increase and was trading at $0.04891, while TrusterCoin (TSC) was down 99% and trading at $0.000003289.

All cryptocurrency prices are correct as of 14:30 BST (UTC +1).

Further reading

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