Cryptocurrency Market Update: Bitcoin miners are bracing for halving-related risks
|- Coin Metrics develops derivative tools for miners ahead of the halving.
- The market is in retreat after a growth attempt.
As Bitcoin halving is less than a week away, miners are concerned with the impact it may have on the hash rate of the first digital coin as it will define their profitability and the ability to survive in the long run. This even it often touted as a positive trigger for Bitcoin, however, minders face a lot of uncertainties that are hard to calculate and prevent.
To mitigate the risks for miners, Coin Metrics developed two derivative tools that can be used to hedge against the risks related to halving and its impact on Bitcoin’s hash rate.
Coin Metrics has designed the CMBI Bitcoin Index and ‘Observed Work’ as a more reactive, responsive and manipulation resistant way to measure the realities of mining activity when compared to traditional hash rate estimations.
Bitcoin price update
The Bitcoin price rejected from the intraday high of $9,122 and settled below $9,000 again ahead of the US session opening. The coin is back inside the recent range as the breakthrough from a falling triangle pattern on the 1-hour chart proved to be false. At press time, Bitcoin is hovering at $8,800 within the short-term bearish bias and a focus on support at $8,500.
Also read: Coronavirus Update: Pandemic drives Bitcoin adoption - Sneh Bhatt, the CEO of Monarch Wallet
BTC/USD 1-hour chart
Ethereum price update
Ethereum price is currently hovering in the middle of $203-$204 range, down 1.5% since the start of the day. The coin has recovered from the dip to $195 support on Monday, but the bullish momentum has yet to gain traction. ETH sellers cluster at $210 and $212, which prevents the coin from the recovery to $220. The local support is created by the psychological $200 and $195.00.
Ripple price update
The third-largest cryptocurrency retreats back below $0.2200 amid growing disappointment among the investors. The price observes the range between $0.2100 and $0.2200, which means there is a chance for recovery. Meanwhile, the short-term bias remains bearish with lo volatility.
Read more: Ripple Price Analysis: XRP/USD facing key resistance at the 50 SMA and the 100 SMA
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