#BTCUSDT - Thoughts out loud plus technical side. #BTCUSDT #BTC #USDT.
Good afternoon!
The idea of the possible development of the situation on Bitcoin and the direction of the cryptocurrency market in general.
For this period of time, the price continues to decline and there are no purchases by professional market participants on the chart.
If the buyers do not keep the price in the range of 15555 - 17777, we can expect further price decline, prospective prices The chart shows possible scenarios:1.2.
A.B.C. - Price levels from which we can see the resumption of acquisitions.
Against the background of the technical picture, the news background begins to slowly fill the information that one of the largest mining companies in the United States, Core Scientific, has filed for bankruptcy after the fall in cryptocurrency prices and rising energy prices. Core Scientific mines reliable cryptocurrencies such as bitcoin. The process involves connecting data centers across the country equipped with highly specialized computers that process mathematical equations to verify transactions and simultaneously create new tokens.
This process requires the use of expensive equipment, some technical know-how and a lot of electricity.
Core's market capitalization fell to $78 million as of the end of trading on Tuesday, down from a valuation of $4.3 billion in July 2021. Over the past year, the stock has fallen by more than 98%.
According to a source familiar with the situation in the company, the company is still generating positive cash flow, but this money is not enough to repay the financial debt for the equipment it leased.
The person added that the company will not be liquidated but will continue to operate as usual, reaching an agreement with senior securities holders who hold the bulk of the company's debt.
The company said in October that holders of its common stock could experience a "total loss of their investment" but that this may not happen if the industry recovers.
The company also said it would not pay debts in late October and early November and said creditors could sue the company for non-payment.
At Core, which primarily mints bitcoins, the token price has fallen from an all-time high of over $69,000 in November 2021 to around $16,800.
This loss of value, coupled with increased competition among miners and rising energy prices, has resulted in shrinking profits.
This is the first time in the history of the crypto industry that more than 25% of the total amount of bitcoins mined in 2022 falls on this company.
