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26 November 2020

Market Wrap: Traders 'Buy the Dip' as Bitcoin Hovers at $9,000 - CoinDesk

Market Wrap: Traders 'Buy the Dip' as Bitcoin Hovers at $9,000 - CoinDesk


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ET) the world’s oldest cryptocurrency began experiencing high selling volume on exchanges including Coinbase, dropping bitcoin below $9,000 for the first time since May 13.

The price drop could take a toll on the profitability of bitcoin miners, already hurting from a revenue cut following last week’s rewards halving.

“Transaction fees associated with moving bitcoin around have increased from 60 cents to upwards of $5, providing some income for the miners,” he said. .

Fleury said many bitcoin miners are counting on a price increase to stay profitable. “This has historically happened in the past two halvings, within a span of 18 months,“ said Fluery.

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