Bearish Crypto Markets See BTC Falling Below $6,500, ETH Down Under $500
All but two of the top 100 cryptocurrencies by market cap have fallen over the 24-hour period, with total market cap down to $274 bln as of press time.
June 13: all of the top ten coins by market cap have fallen by between 9 and 14 percent over the 24-hour period, as Coinmarketcap data shows.
Market visualization from Coin360
The leading cryptocurrency has now fallen below what some commentators consider to be an average BTC mining profitability threshold of $6,500. Robert Kelly told CNBC earlier today that this figure assumes that Bitcoin miners need to update their hardware almost every 18 months, bringing the costs of mining to roughly between $5,900 and $6,000.
Mining profit margin calculations globally have indicated a wide threshold, ranging between an extremely cheap $531 in Venezuela to a whopping $26,170 in South Korea. Aside from hardware costs, the local cost of electricity supplies is the other key factor affecting miners’ profits.
Bitcoin price chart from Cointelegraph’s Bitcoin Price Index
As of press time, Coinmarketcap data indicates 24-hour BTC trading volumes of $4.8 bln, up from their intra-weekly low of $3.8 bln.