The first cryptocurrency is again predicted to fall. Poor Bitcoin is already prone to high volatility, and now it is on the verge of a new crisis. On top of that, Ethereum is hot on its heels. Market players have shifted their attention to the second-largest cryptocurrency, leaving the first one to settle for a supporting role.
According to WhaleWire CEO King, two mining pools — Foundry USA and AntPool — currently control the majority of the network’s hashrate (around 51%). Against this backdrop, cryptocurrency mining has become centralized, the expert explained. King had previously pointed out the unusually high activity of large investors who have been massively withdrawing the first cryptocurrency from their wallets.
“The question is not whether Bitcoin will crash, but when it will happen,” the analyst wonders.
He also criticized Michael Saylor, co-founder of the American company Strategy. In King’s view, the businessman is “deliberately increasing pressure on the crypto market” through his Bitcoin accumulation strategy.
Another factor that strongly impacted investor sentiment was a statement from US Treasury Secretary Scott Bessent, who announced that the government would not purchase Bitcoin for the national reserve. This discouraged a lot of crypto investors. So, discussions about a possible collapse of BTC and other risky assets have resurfaced in this context.
Earlier, economist Harry Dent, speaking with billionaire investor Robert Kiyosaki, said that signs of an “impending crash” were detected on three key financial charts: Bitcoin, Nasdaq 100, and Nvidia.
