Bitcoin Plunges Amidst Miner Struggles in Deep Crypto Slump

The cryptocurrency market is currently gripped by a harsh winter following the significant drop witnessed during 2022. A lack of support from previous bull-market highs, coupled with the recent collapse of FTX exchange and its negative impact on crypto sentiment, has exacerbated the downturn. Bitcoin (BTC) and other cryptocurrencies are experiencing sharp declines, prompting concerns about further price drops. The current situation is reminiscent of late 2022’s crash where Bitcoin hit a new low below $16,000 before bouncing back.