This cannot but lead to changes in the market, but it will take some time, up to 2-3 quarters. It is assumed that due to the decrease in profitability, the miners will hold the produced bitcoins, limiting the emission of coins in the market, which will create a deficit and increase the value. However, with much more coins on the market now, this scheme may not work. So far we are witnessing high daily trading volumes of around $60B, and signs of sideways trend formation of about $8,700.
The FxPro Analyst Team