A terrible scenario was predicted for the cryptocurrency market

Bloomberg: Miners can’t repay loans worth billions of dollars for the Bitcoin exchange rate:

The prolonged downturn in the cryptocurrency market makes it difficult for some miners to repay loans worth up to four billion dollars. This creates a potential risk for large crypto lenders, Bloomberg writes about the new problem.

Experts point out that the cost of many mining rigs accepted as collateral has halved along with the price of the world’s largest digital token. The industry is facing serious difficulties because of this. So far, only a few miners have defaulted on their loans, but recent sales are showing signs of distress, the newspaper notes. Core Scientific Inc. sold more than 2,000 bitcoins in May to cover operating expenses.

Bitcoin from TradingView Analysts predict that if the market situation does not improve, it could threaten a terrible scenario.

The sale of bitcoin reserves puts additional pressure on prices, and the cost of equipment may fall even lower. The cost of the popular Bitmain S19 mining rig has decreased by about 47 percent compared to the November maximum of $ 10,000.

The founder and chief investment officer of Absolute Strategy Research, Ian Harnett, previously predicted a further drop in the bitcoin exchange rate to the level of 13 thousand dollars per unit.