As Bitcoin plunged below the $57,000 mark, concerns surged among investors about potential market volatility and its impact on miners.

On Thursday morning, speculators continued their selling pressure, forcing Bitcoin (BTC) to dip below $57,000 for the first time since February. As of press time, Bitcoin rebounded above the $57,000 mark, but its previous quick plunge might signal weakness, potentially impacting sentiment among retail traders.

Blockchain research firm CryptoQuant noted that crypto beginners β€” who bought BTC over the past six to three months β€” have started moving their coins amid the plunge and increasing selling pressure. Approximately $2.4 billion worth of BTC controlled by crypto beginners began moving, likely signaling their intention to sell at current market prices.

πŸ’₯ BREAKING: Hashprice’s at $44.69, scratching its all time low!

The market turbulence might also be worsened by miners, who are facing a rapid drop in hashprice, a metric representing miner revenue per terahash. Crypto mining analytics firm Hashrate Index reported that the hashprice mark amid Bitcoin’s plunge is nearing its all-time low, a level last seen during the bear market. As of press time, hashprice is at $44.69, potentially pushing some miners to liquidate their reserves to sustain operational expenses.

In an exclusive interview with crypto.news, CryptoQuant head of research Julio Moreno noted that the market is β€œlikely to see a miner capitulation if prices don’t recover significantly during the summer,” adding that the hashprice (average miner revenue per hash) is repeatedly β€œmaking new lows” following the latest halving. At the time of writing, Bitcoin is trading at $57,336, according to data from crypto.news.

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