{"id":507534,"date":"2022-10-24T09:47:48","date_gmt":"2022-10-24T09:47:48","guid":{"rendered":"https:\/\/wncen.com\/?p=507534"},"modified":"2024-06-11T07:18:22","modified_gmt":"2024-06-11T07:18:22","slug":"bitcoin-biggest-intra-market-risk-right-now","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-biggest-intra-market-risk-right-now\/","title":{"rendered":"Bitcoin&#8217;s Biggest Intra-Market Risk Right Now &#8211; What You Need To Know"},"content":{"rendered":"<p>The monetary policy of the Federal Reserve (FED) continues to be the all-determining factor for both the financial markets worldwide and Bitcoin. With this in mind, all eyes are currently on November 02, when the next Federal Open Market Committee (<a href=\"https:\/\/wncen.com\/news\/bitcoin\/prepare-for-volatility-data-suggests-bitcoin-hets-chaotic-during-fomc-meetings\/\" target=\"_blank\" rel=\"noopener \">FOMC<\/a>) meeting is scheduled.<\/p>\n<p>However, while this is an external market risk, there is also an internal market risk currently developing that should not be underestimated from a historical perspective: a <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bearish-signal-why-bitcoin-miner-sell-offs-may-continue\/\" target=\"_blank\" rel=\"noopener \">Bitcoin miner<\/a> capitulation.<\/p>\n<p>The lower Bitcoin falls and the longer the price stays at the current level, the more pressure is put on Bitcoin miners&#8217; margins by a divergence of price and hash rate.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-trend-20k\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Price Is Forming A Key Trend and Swift Rally Could Occur<\/a><\/div>\n<h2>Bitcoin&#8217;s Mining Difficulty Reaches A New ATH<\/h2>\n<p>A look at the Bitcoin mining difficulty adjustment that took place yesterday shows that it increased again by 3.44%. This follows the historical adjustment of October 10, when the mining difficulty increased by 13.55%.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> mining difficulty has just increased by +3.44%, making another new all time high as hash rate continues to soar.<\/p>\n<p>Miners are relentless. <a href=\"https:\/\/t.co\/4GEyHxYoZ8\" rel=\"nofollow\">pic.twitter.com\/4GEyHxYoZ8<\/a><\/p>\n<p>&mdash; Dylan LeClair \ud83d\udfe0 (@DylanLeClair_) <a href=\"https:\/\/twitter.com\/DylanLeClair_\/status\/63284736?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 24, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The difficulty is updated approximately every two weeks to account for the fluctuating hash power on the network and to ensure a minting of new Bitcoins approximately every 10 minutes (block time).<\/p>\n<p>Yesterday&#8217;s adjustment is thus likely to put further pressure on already struggling miners who are seeing dwindling profits.\u00a0Will Clemente, co-founder of Reflexivity Research, <a href=\"https:\/\/twitter.com\/WClementeIII\/status\/43492352\" target=\"_blank\" rel=\"noopener nofollow\">asserted<\/a> that &#8220;miners are the biggest intra-Bitcoin market risk right now IMO&#8221;.<\/p>\n<p>A compelling theory for the steady rise in the hash rate, he says, is that a well-funded player is trying to squeeze out inefficient miners and acquire their assets on the cheap, &#8220;Rockefeller-style&#8221;.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/data-bitcoin-whales-accumulated-18k-hold-strong\/\" target=\"_blank\" rel=\"noopener \">Data: Bitcoin Whales Who Accumulated At $18k Have Continued To Hold Strong<\/a><\/div>\n<p>As a result, a miner capitulation could occur. During this event, the non-profitable miners would have to sell both their mining hardware and their holdings of Bitcoins. On a large scale, this could trigger a significant selling pressure on the Bitcoin price, as seen with past miner capitulations.<\/p>\n<p>Clemente stated that the likelihood of a second miner capitulation after the first period in June is rising. The leading indicator to watch are the hash ribbons.<\/p>\n<figure id=\"attachment_507539\" aria-describedby=\"caption-attachment-507539\" style=\"width: 2929px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-507539 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/Bitcoin-Hash-Ribbons.png?resize=2929%2C1487\" alt=\"Bitcoin Hash Ribbons\" width=\"2929\" height=\"1487\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/Bitcoin-Hash-Ribbons.png?w=2929 2929w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/Bitcoin-Hash-Ribbons.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/Bitcoin-Hash-Ribbons.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/Bitcoin-Hash-Ribbons.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/Bitcoin-Hash-Ribbons.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/Bitcoin-Hash-Ribbons.png?w=2048 2048w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/Bitcoin-Hash-Ribbons.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/Bitcoin-Hash-Ribbons.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-507539\" class=\"wp-caption-text\">The likelihood of a second Bitcoin miner capitulation is rising. Source: <a href=\"https:\/\/twitter.com\/WClementeIII\/status\/43492352\" target=\"_blank\" rel=\"noopener nofollow\">Twitter<\/a><\/figcaption><\/figure>\n<p>Clemente <a href=\"https:\/\/twitter.com\/WClementeIII\/status\/70134528\" target=\"_blank\" rel=\"noopener nofollow\">concluded<\/a>:<\/p>\n<blockquote><p><strong>Thinking about who this entity(s) is that feels that it&#8217;s advantageous to mine with BTC price down 70%, energy prices high, &amp; hashprice at all-time lows.\u00a0Wonder if its a large player(s) with excess energy or access to dirt-cheap energy. [&#8230;]\u00a0 That&#8217;s why I&#8217;m so curious because this would have to be someone with extremely low energy costs. Haven&#8217;t seen any great answers thus far.<\/strong><\/p><\/blockquote>\n<h3>Big Name Bitcoin Miners In Trouble?<\/h3>\n<p>Dylan LeClair, senior analyst at UTXO Management and co-founder of 21stParadigm also <a href=\"https:\/\/twitter.com\/DylanLeClair_\/status\/57890048\" target=\"_blank\" rel=\"noopener nofollow\">noted<\/a> that the <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-hashrate-climbs-to-new-high-as-price-recovers-above-42000\/\" target=\"_blank\" rel=\"noopener \">hash price<\/a>, or miner revenue per TeraHash, recently passed the 2020 all-time low. If history repeats from previous bear markets, the price decline has just begun, he said.<\/p>\n<p>In addition, he revealed that he has heard &#8220;some juicy rumors flying around about some big name Bitcoin miners being in trouble here&#8221;.<\/p>\n<p>The continued mounting pressure on Bitcoin miners can end in two scenarios, according to him. Either this is the bottom. &#8220;The lack of vol shows apathy from sellers. Extended consolidation\/accumulation period,&#8221; LeClair stated.<\/p>\n<p>However, the scenario considered more likely by the analyst is that BTC has currently reached a level like $6,000 in 2018\/2019. If hash rate continues to soar, then the increasing pressure will result in a miner capitulation event.<\/p>\n<p>At press time, the BTC price continued to lack volatility and lingered around $19,300.<\/p>\n<figure id=\"attachment_507547\" aria-describedby=\"caption-attachment-507547\" style=\"width: 2950px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-507547 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/BTCUSD_2022-10-24_11-36-59.png?resize=2950%2C1629\" alt=\"BTC USD\" width=\"2950\" height=\"1629\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/BTCUSD_2022-10-24_11-36-59.png?w=2950 2950w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/BTCUSD_2022-10-24_11-36-59.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/BTCUSD_2022-10-24_11-36-59.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/BTCUSD_2022-10-24_11-36-59.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/BTCUSD_2022-10-24_11-36-59.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/BTCUSD_2022-10-24_11-36-59.png?w=2048 2048w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/BTCUSD_2022-10-24_11-36-59.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/BTCUSD_2022-10-24_11-36-59.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-507547\" class=\"wp-caption-text\">Bitcoin trading sideways. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/uD28avrX\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a><\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The monetary policy of the Federal Reserve (FED) continues to be the all-determining factor for both the financial markets worldwide and Bitcoin. With this in mind, all eyes are currently on November 02, when the next Federal Open Market Committee (FOMC) meeting is scheduled. However, while this is an external market risk, there is also an internal market risk currently developing that should not be underestimated from a historical perspective: a Bitcoin miner capitulation. The lower Bitcoin falls and the longer the price stays at the current level, the more pressure is put on Bitcoin miners&#8217; margins by a divergence of price and hash rate. Related Reading: Bitcoin Price Is Forming A Key Trend and Swift Rally Could Occur Bitcoin&#8217;s Mining Difficulty Reaches A New ATH A look at the Bitcoin mining difficulty adjustment that took place yesterday shows that it increased again by 3.44%. This follows the historical adjustment of October 10, when the mining difficulty increased by 13.55%. #Bitcoin mining difficulty has just increased by +3.44%, making another new all time high as hash rate continues to soar. Miners are relentless. pic.twitter.com\/4GEyHxYoZ8 &mdash; Dylan LeClair \ud83d\udfe0 (@DylanLeClair_) October 24, 2022 The difficulty is updated approximately every two weeks to account for the fluctuating hash power on the network and to ensure a minting of new Bitcoins approximately every 10 minutes (block time). Yesterday&#8217;s adjustment is thus likely to put further pressure on already struggling miners who are seeing dwindling profits.\u00a0Will Clemente, co-founder of Reflexivity Research, asserted that &#8220;miners are the biggest intra-Bitcoin market risk right now IMO&#8221;. A compelling theory for the steady rise in the hash rate, he says, is that a well-funded player is trying to squeeze out inefficient miners and acquire their assets on the cheap, &#8220;Rockefeller-style&#8221;. Related Reading: Data: Bitcoin Whales Who Accumulated At $18k Have Continued To Hold Strong As a result, a miner capitulation could occur. During this event, the non-profitable miners would have to sell both their mining hardware and their holdings of Bitcoins. On a large scale, this could trigger a significant selling pressure on the Bitcoin price, as seen with past miner capitulations. Clemente stated that the likelihood of a second miner capitulation after the first period in June is rising. The leading indicator to watch are the hash ribbons. Clemente concluded: Thinking about who this entity(s) is that feels that it&#8217;s advantageous to mine with BTC price down 70%, energy prices high, &amp; hashprice at all-time lows.\u00a0Wonder if its a large player(s) with excess energy or access to dirt-cheap energy. [&#8230;]\u00a0 That&#8217;s why I&#8217;m so curious because this would have to be someone with extremely low energy costs. Haven&#8217;t seen any great answers thus far. Big Name Bitcoin Miners In Trouble? Dylan LeClair, senior analyst at UTXO Management and co-founder of 21stParadigm also noted that the hash price, or miner revenue per TeraHash, recently passed the 2020 all-time low. If history repeats from previous bear markets, the price decline has just begun, he said. In addition, he revealed that he has heard &#8220;some juicy rumors flying around about some big name Bitcoin miners being in trouble here&#8221;. The continued mounting pressure on Bitcoin miners can end in two scenarios, according to him. Either this is the bottom. &#8220;The lack of vol shows apathy from sellers. Extended consolidation\/accumulation period,&#8221; LeClair stated. However, the scenario considered more likely by the analyst is that BTC has currently reached a level like $6,000 in 2018\/2019. If hash rate continues to soar, then the increasing pressure will result in a miner capitulation event. At press time, the BTC price continued to lack volatility and lingered around $19,300.<\/p>\n","protected":false},"author":571,"featured_media":504968,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-507534","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin&#039;s Biggest Intra-Market Risk Right Now<\/title>\n<meta name=\"description\" content=\"According to Will Clemente, co-founder of Reflexivity Research, Bitcoin &quot;miners are the biggest intra-Bitcoin market risk right now&quot;.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/bitcoin-biggest-intra-market-risk-right-now\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin&#039;s Biggest Intra-Market Risk Right Now\" \/>\n<meta property=\"og:description\" content=\"According to Will Clemente, co-founder of Reflexivity Research, Bitcoin &quot;miners are the biggest intra-Bitcoin market risk right now&quot;.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/bitcoin-biggest-intra-market-risk-right-now\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-24T09:47:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T07:18:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/bitcoin-lightning-network-860x606.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"860\" \/>\n\t<meta property=\"og:image:height\" content=\"606\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jake Simmons\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/realJakeSimmons\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jake Simmons\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-biggest-intra-market-risk-right-now\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-biggest-intra-market-risk-right-now\/\"},\"author\":{\"name\":\"Jake Simmons\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/d4fcdbfaec61dd668092ba3f4d318028\"},\"headline\":\"Bitcoin&#8217;s Biggest Intra-Market Risk Right Now &#8211; 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. 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