These factors confirm the dominance of the bearish trend in the crypto market.

The crypto economy has endured several tough weeks as leading crypto asset bitcoin (BTC) has lost 35% in the last 14 days. From the assumptions about the onset of the crypto winter, most participants in the crypto market came to the conclusion that the bearish trend captured the market.

Over the past days, there have been many corrections, and on Monday, hundreds of thousands of crypto traders lost almost $ 1.30 billion through liquidation Two days later, bitcoin fell to a minimum of $ 20,080, on which BTC was last traded 17 months ago in mid-December 2020.

At current U.S. dollar values, bitcoin is down 70% from the $69,000 ATH set on November 10, 2021. After a bullish rally in 2013 and 2017, BTC fell by more than 80% compared to previous price peaks.

At the moment, since ATH cryptoeconomics last year, more than $ 2 trillion has left the ecosystem. Traders are also concerned about the next halving as prices should be much higher when miners will only receive 3,125 BTC per block found.

A drop below $19,000 per BTC and $0.12 per kilowatt-hour (kWh) will leave only seven ASIC mining rigs profitable.

Bitcoin hashrate for June 15, 2022. At $0.12 per kilowatt-hour, only seven ASIC mining machines make a profit at the current BTC exchange rate.

Now Bitmain’s Antminer S19 XP with a capacity of 140 terahesh per second (Tx/s) at the same electricity cost of $0.12 per kWh brings in approximately $3.49 profit per day. Microbt Whatsminer M50S with a performance of 126 Tx/s provides approximately $ 1.51 per day of profit in BTC with the same electricity costs.

At $0.12 per kWh, machines producing 84 Tx/s are unprofitable unless they run on cheaper electricity.

There are also macroeconomic factors in the form of geopolitical tensions and rate hikes by central banks. Bitcoin rose to its ATH at a time when Americans and citizens of other countries received incentive payments. Now governments are heading for quantitative tightening.

Here it is worth noting that the main cryptocurrency Bitcoin has been increasing its rate since its inception, regardless of the events taking place in the world and in a particular country.