Bitcoin Market Turbulence
Bitcoin has recorded its seventh decline in just eight days, with prices plummeting below $49,000** before a slight recovery to **$49,055. This marks a stark contrast to its recent peak above $62,000.
Key factors driving the downturn:
- U.S. capital gains tax proposal: President Biden’s plan to double taxes on wealthy investors triggered accelerated sell-offs.
- Technical warnings: Analysts from JPMorgan Chase and Tallbacken Capital noted Bitcoin’s breach of critical support levels, signaling potential further declines.
Crypto Market Domino Effect
Other cryptocurrencies followed Bitcoin’s plunge:
- Ethereum (ETH), WIN, and XRP dropped over 10%, with WIN and XRP crashing 30%+.
- Liquidations: 24-hour data revealed 477,549 liquidations, totaling $33.88 billion (~¥220.07 billion).
Hardware Market Repercussions
Hard Drives: Traders Face Losses
- Overstocked sellers struggle to offload inventories (e.g., 16TB drives now priced at ¥4,200, down from ¥4,550).
Graphics Cards: Availability Improves
Major platforms like JD.com now stock high-end GPUs:
- RTX 3070/3080/3090 models are available at reduced prices (e.g., ZOTAC RTX 3080 PGF OC dropped from ¥18,999 to ¥16,999).
👉 Check current GPU deals
Cautionary Notes:
- Wait for further price drops if not urgent—current prices remain far above MSRP (e.g., ¥5,499 for some models).
- Avoid used GPUs: "Mining cards" from crypto farms may have degraded performance due to prolonged high-load operation.
FAQs
Why did Bitcoin crash?
The combination of tax policy fears and technical breakdowns accelerated sell-offs after April’s all-time high.
Will GPU prices keep falling?
Yes, if crypto prices continue declining, mining profitability drops, reducing demand for GPUs.
Are hard drives still overpriced?
Prices are correcting, but dealers with large inventories may further discount to mitigate losses.
Is now a good time to buy a GPU?
For non-urgent needs, waiting is advised—prices may stabilize closer to MSRP.
How to spot a used mining GPU?
Look for:
- Abnormal fan wear
- BIOS mods for mining
- Overheating during benchmarks
👉 Explore trusted hardware guides
Sources: JPMorgan Chase, Tallbacken Capital
### Keywords:
Bitcoin, GPU shortage, crypto crash, RTX 3080, liquidations, mining hardware, capital gains tax, used graphics cards
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