Hello!

A lot of days without a post! I often try to not watch anything related to crypto when the prices are falling wildly. It avoids taking bad decisions based on just how I feel.

The market had a big correction. Mainly by two reasons:

• Rumors of Mt. Gox sell pressure from the coins that are going to be distributed to hacked hodlers.
• Germany is selling 50,000 Bitcoin.

So far Germany has sold 10,000 Bitcoin from the 50,000 they have, so they just have 40,000 more to sell. At some point they will get out of coins and it will be one of their biggest mistakes ever.

They will never be able to get 50,000 again, at least at these prices.
I found a tweet from Samson Mow that is really funny, but it's true:

Imagine selling the hardest form of money that has ever existed.
Now, imagine selling that hard money for fiat that you have the ability to just print out of thin air.
Finally, imagine selling on exchanges with market orders, driving the price lower so you get even less.

That's what Germany is doing.
https://x.com/Excellion/status/1808857587095589062

Bitcoin mining cost

I found this chart that is very interesting.
At these prices the Bitcoin miners are finding equilibrium at their cost-basis to mine Bitcoin. Some of them are still in profit, and some of them are at a loss.
Marathon, which is one of the biggest miners is currently at an equilibrium with the cost they have to mine Bitcoin.

This could be a potential bottom. Usually the price doesn't dip far below the cost of production. It usually consolidates and rebounds around this price. It can act as a really strong support.

I hope you have a great weekend!
Enjoy and stay safe out there!

Posted Using InLeo Alpha