Who murder the market?
When the Bitcoin price was huge last year. The most embarrassing thing was the miners as they have nearly zero cost on their cryptocurrencies. Basically, there is no doubt that miners trended down the bull market, and that is what the operating parties (are, or collaborated with miners) did. The one of the reasons why Ethereum price is undergo weakness this year is that the project party largely trade Ethereum in, and to legit currency, Tether coin and Bitcoin on Ethereum exchange.
The person who murdered Bitcoin market are mostly the miner due to the need of legit currency for mining rigs and electricity charges. However, after the bear market came up, the situation has been changed a bit.
The entire digital assets market has fallen by 70% of the market capitalization. Tons of altcoins have lost liquidity. Bitcoin is a well-deserved leader in the market, and its impact on the market is significant and it concentrates most of the market’s liquidity. The influence extents of the cryptocurrency companies and miners collectively on the marketplace has swapped. The miners have now become the most influential matters on the marketplace.
Many cryptocurrency companies have already cashed out thru Tether exchange, or project abandoned after liquidity completely lost. While, the miners will continuously mine but collectively have strong demand for the legit currency. After the market is no longer profitable, they turn to the futures market and to short the market.
The more profits collectively the miners want, the more they load up invalid futures contracts in the futures market. Then the futures market transferred to the spot market. The slump in the spot market has caused stronger stress to miners on the futures market. That turns out a fierce negative cycle.
So when will this negative cycle be lifted? The answer is that the miners are no longer to load invalid contracts to lock the mining revenue. In other words, they no longer mine, that is. I hope that day will come soon.