A lot of investors gave up on cryptocurrency. People don’t know whether Bitcoin is to be trusted. CPI inflation causing investors all over the globe to panic.
Naturally a question appears – When will miners stop selling Bitcoin?
To identify periods where Bitcoin miners may capitulate, market analysts use the Hash Ribbon Indicator. The metric is based on the analysis of the 30- to 60-day Bitcoin Hash rate moving average. When the moving average of the 30-day period crosses 60-day average, the miner capitulation is getting to the end. On July 7, the HRI increased for a short period, but rapidly moved back below the 60-day moving average, which means that miners are still capitulating.
Is Bitcoin Still Worth Investing?
Mining is not the only parameter affecting the Bitcoin industry. The brightest spot during the market turmoil so far is that a large amount of Bitcoin is getting off exchanges.
The reason for that is the popular crypto exchanges going bankrupt. People lost their faith in the large crypto companies as they feared their funds would eventually get stolen, especially in the time of bear market. Investors sense the urge to be in charge of their own crypto and don’t share their private keys with anyone but themselves, thus outflowing their Bitcoins from exchanges.
Another positive tendency is that long-term holders don’t go into selling their assets, especially when all inexperienced investors embraced the panic sell hysteria. Since August 2021, we haven’t witnessed at least 60% of the Bitcoin supply moving.
So, the short answer is yes, Bitcoin is still worth investing. Even during the time of the most drastic bear market period, the most loyal crypto enthusiasts still have their faith in Bitcoin, and this crypto is not going to let them down. Bitcoin survived and will be surviving harsh crises regardless how hard the CPI inflation hits. No matter the price, this currency cannot be devalued or disregarded as we live in a world where fiat money is hopelessly yielding to the inflation repression, forcing people to look for other ways to accumulate their funds. Fortune favors those who can wait, and this is where we stand with Bitcoin.
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