Mining Operators Fret As Bitcoin Looses Ground, What Lies Ahead For The Mining Community

Bitcoin and other altcoins have suffered massive losses since May. But after a point, things started changing a bit. For example, bitcoin that fell to $17K on June 18 recovered to trade between $20K and $21K from June 19 to June 28 when it traded above $21K in the early hours of the day. Unfortunately, the crypto could not sustain the recovery above $21K and lost more than $500 some hours later. The change in Bitcoin price resulted from mixed reactions in the market concerning regulators’ stance on crypto. According to Gary Gensler, the SEC boss, regulators place Bitcoin and other tokens under commodities. Gensler mentioned that a spot Bitcoin ETF might not be the best for the financial market. So, the commission will not approve any application filed to launch a spot BTC ETF. Related Reading | Outflows Rock Bitcoin As Institutional Investors Pull The Plug, More Downside Coming? The Securities and Exchange Commission boss made all these assertions when a media firm interviewed him. After the interview, many Bitcoin holders started selling off again, causing a fall in Bitcoin price. Many Bitcoin Holders Grab More Coins During the market crash and price plunge, many investors wondered whether to sell off or buy more to increase their portfolio. However, according to Glassnode data recently, some Bitcoin holders believe this market crash is the right time to buy more BTC. The firm disclosed the data over the weekend on...