Bitcoin Miners Face Headwinds Following Record $94 Billion Market Cap Peak
Bitcoin's backbone shows cracks as mining operations stumble after historic valuation surge.
The Cooling Effect
Miners who rode the wave to unprecedented heights now confront reality's harsh pullback. The $94 billion milestone proved more ceiling than foundation, with operational momentum fading faster than a forgotten altcoin.
Infrastructure Strain
Energy costs bite harder as profitability calculations shift. The very machines that built crypto's fortress now struggle under their own weight—proof that even digital gold requires real-world fuel.
Market Mechanics
When the mining sector catches a cold, the entire crypto ecosystem sneezes. This isn't just about hash rates; it's about confidence in the system that powers the revolution.
Another reminder that in crypto, what goes parabolic must eventually confront gravity—or at least electricity bills.
Miners sell Bitcoin
Bitcoin miners have been showing signs of selling pressure. Based on a report by Cryptopolitan, around 51,000 BTC, worth around $5.6 billion, were moved from miner wallets to exchanges starting October 9.
Two days ago, bitcoin mining stocks reached double their value to $94 billion but dropped to $86.91 billion, based on data from Bitcoin Mining Stock. IREN Limited leads in the Bitcoin mining stock market with a market cap of $16.76 billion. The stock dropped by 9% and currently trades at $61.83.
The second spot is reserved for Applied Digital Corporation, with a market cap of $10.25 billion. The company stock, APLD, witnessed a slight reduction of around 3% to trade at $36.64. MARA Holdings is in the third position with a market cap of $7.51 billion. Its stock, MARA, has dropped significantly by 11.25% and currently trades at $20.27.
The crypto market fails to recover
Earlier in the week, the crypto market tried to recover from last Friday’s market crash, which caused the liquidation of over $19 billion.
On October 10, Bitcoin was trading at $121,741. Traders were expecting a new all-time high, but the following day, the market crashed, and Bitcoin dropped to as low as $104,000 on some exchanges.
The crypto market tried to recover during the week. Bitcoin reached a top of around $115,000, while ethereum hovered around $4,200. However, the momentum failed. At the time of writing, BTC is trading at $107,938, while ETH dropped to $3,870, based on real-time data from CoinGecko.
The global cryptocurrency market cap today is $3.76 trillion, a negative 2.18% change in the last 24 hours. The Fear and Greed Index is showing a market sentiment of “Fear” at a rate of 28.
Last week, Trump’s threats to impose an additional 100% tariff rate on China hurt crypto, stocks, and many commodities.
Bitcoin is still lagging behind global liquidity, while Gold has reached a new all-time high of $30 trillion market cap.
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