22 Dec Is This Why Bitcoin Suddenly Rebounded Yesterday?
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Bitcoin and cryptocurrency markets suddenly rebounded yesterday, with the bitcoin price climbing back above the psychological $7,000 per bitcoin mark after a sell-off earlier in the week.
The bitcoin price has been stuck in a downward trend for the past few months and previously dipped under $7,000 per bitcoin in November, only to jump back again.
But should we have seen bitcoin’s rebound coming? A report out earlier this month found the cost of creating new bitcoin, a process known as mining, now averages around $6,300 per bitcoin—something that could mean bitcoin is perhaps unlikely, but not guaranteed, to fall below this level.
The bitcoin price recorded its year-to-date highs in late June and has been falling since but … [+]
“Among our findings is an estimate that the current market-average, all-in marginal cost of creation … is approximately $6,300,” analysts at CoinShares Research wrote…
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