RATE Group | Market Wrap: Some Miners Face an Uncertain Future Despite Rising Bitcoin Price
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Market Wrap: Some Miners Face an Uncertain Future Despite Rising Bitcoin Price

13 May Market Wrap: Some Miners Face an Uncertain Future Despite Rising Bitcoin Price

Posted at 23:26h in Bitcoin News by

Despite a post-halving rise in bitcoin’s price Wednesday, the current value may not be enough to keep less-efficient miners operating, and that could shift market dynamics. 

At press time, bitcoin (BTC) was trading up 2.3% over 24 hours at $9,106. The world’s first cryptocurrency is trading above its 10-day and 50-day moving averages, which is a bullish technical indicator, and has been on a steady uptrend since early trading May 13, 00:00 UTC.

btcmay13
Bitcoin trading on Coinbase since May 11
Source: TradingView

The long-anticipated halving was, “a little uneventful,” said Jack Tan, founding partner at Taiwan-based crypto trading firm Kronos Research. But there has been one bright spot for traders: Bitcoin prices have been going up slowly but surely.

Read more: Bitcoin Steady Near $9K as Trump Touts ‘Gift’ of Negative Interest Rates

But market uncertainty lingers when it comes to cryptocurrency miners. The reward for miners to generate new bitcoin was cut because of the halving to…

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