Bitcoin, as a member of the financial sector, more influenced by political and economic news and events. Not being an asset in the traditional market, Bitcoin is beginning to unnaturally correlated with some assets in the stock market, and its price in recent weeks, often moves after major indices on wall street.
At the same time, based on the uniqueness of the technical nature of cryptocurrency, the value of Bitcoin is influenced by the factors of the ecosystem of cryptocurrency economy.
The most significant factor are miners, who traditionally may have an impact on the network and the Bitcoin price.
After the third halving, despite forecasts of prices, Bitcoin went their own way. However, the halving of rewards miners for the extraction of the block resulted in the shutdown of unprofitable machines and, as a consequence, a decrease can see and network security.
According BitInfoCharts, the power of hashing in the network during the first week of the new cycle of bitcoin has dropped by 40 percent.
Hash rate Bitcoin over the last 24 hours (TH/s). Source: blockchain.com
According to Blockchain.com today the network hash rate is about 90 TH/s.
Decreased the amount of mined cryptocurrencies.
Daily schedule of production of Bitcoin. Source: forklog.com
The income of miners has fallen from 16.1 million dollars a day to 9 million, and the miners began to leave the market by selling stocks of Bitcoin. During the last seven days of stocks of miners on the market received 955 BTC more than it was produced.
And although the price for this period dipped significantly, according to CoinMarketCap, sales of miners at the average daily supply of more than 18 million BTC, and compared to other factors, had little impact on the price of Bitcoin.
At the same time, lower rates of remuneration for production units, and the inability of Bitcoin to begin sustainable growth of lead miners to losses and forced them to leave the business.