The cryptocurrency market is experiencing a downturn, caused, as QCP Capital experts believe, by the activity of wallets associated with the German government, as well as payments from Mt. Gox. Analysts predict further price declines.

“Bitcoin miners are showing signs of capitulation. Historically, this was associated with reaching a local bottom, while the last comparable decrease in the hashrate of the Bitcoin network was in 2022, when the first cryptocurrency was trading at $17 thousand,” the experts wrote.