The trouble with this crisis is that the assertion of Bitcoin being ‘ digital gold’ is now in question. The term implies that the cryptocurrency is a safe haven asset that will hold out against market stress or high inflation. Instead, it’s acting more like a company listed on the stock market where investors are rushing to sell to have more cash on hand amid a riskier global financial outlook.


To make it worse, as the crypto market was falling, the value of gold and government bonds was on the rise. Advocates of cryptocurrency argue that Bitcoin and its fellow cryptocurrencies are still relatively young — their volatility is likely to decline as the market grows and matures.


HODLers gonna HODL


One would think that with Bitcoin’s price going down, again, it is getting more difficult to mine — its hashrate increased for a fifth consecutive week — miners would be looking to get rid of the Bitcoin in their coffers as well.


However, crypto analytics firm Glassnode, notes that miners have been holding onto their reserves. “Miners have accumulated 14,000 BTC in unspent coinbase rewards over a 6.5 month period,” said the weekly report