On November 22, 2022, a crypto enthusiast commented on the benefit that comes with the recent drop in the price of ETH.
#bitcoin miners are largely screwed at these prices. A lot will fold and be forced to sell.
Meanwhile, #ethereum stakers keep being able to buy ETH cheaper and cheaper which means a better entry for stakers.
— Lark Davis (@TheCryptoLark) November 22, 2022
He commented on his Twitter page in the early hours of the day under the name Lark Davis, pointing out the fact that ETH investors will be able to buy at a lower price.
Several members of the crypto community on Twitter agreed with Davis, and one user even pointed out that ETH stakers can’t unstake; there is no pressure to sell.
Currently, ETH is worth $1,087.02, a 2.44% decrease in the last 24 hours and a 77.78% decrease from its all-time high of $4,891.70 in 2021.
Others, however, believe that it will not last long, and some with pessimistic views say that even with the drop in prices, not everyone can stake ETH, as staking is for the rich.
A user even commented that the majority have only 1-5 ETH in their wallets, and the minimum ETH for staking is 32, which is on the high side even with the price drop
Davis also commented about bitcoin miners, saying the current drop in prices of cryptocurrencies will affect them more compared to stakers and validators.
Miners operate using high computational and electrical energy to solve complex puzzles, which will, in turn, allow them to verify transactions and mint new tokens.
Some users commented that mining has more reliability than staking because there is more decentralization and transparency with mining. However, staking involves trust in a trustless industry.
Also, individuals do not have access to their staked tokens, and when they eventually do, whales will pull out, causing a liquidity shortage.
However, others believe miners are well-equipped to combat the present situation because they made enough profit to carry them through stormy times like this.
A user pointed out the fact that the current drop in price is not enough for miners to fold and sell, but dropping by about 30% will maybe increase the chance of folding.
Bitcoin is worth $15,710.99, representing a 1.73% drop in the last 24 hours and a 77.16% drop in value from its all-time high of over $68,000 in 2021.
The price drop is largely based on the bear market that struck the crypto market in May 2022 and partly because of a recent development involving the bankruptcy of one of the largest crypto exchanges in the industry.
However, like all bear markets, this too will pass and give way to a massive bull run bringing about an increase in the price of all digital assets in the crypto market, benefiting both miners and stakers.
Nevertheless, that may take months, weeks, or even years; the best option is to wait and see how events play out.
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