$399
Who purchased bitcoins today?
People with a lot more money than me. Who purchased bitcoins today?
1. Folks dollar cost averaging their average BTC cost down.
2. People who don't think it will go much lower and want to own.
As I posted earlier, BTC are the electronic equivalent to gold and diamonds. The value is in the eye of the beholder and price can fluctuate a lot.
In the BTC case, if the big miners are the ones who are selling because they must to keep mining, then we are seeing a forced liquidation that will squeeze them ever tighter. Be interesting to see what happens to the hash rate at $200 BTC price.
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In my opinion the forced liquidation would mostly squeeze out small miners. I am sure most big miners are not depending on monthly earnings to convert bitcoin to fiat to pay services or maintenance, if they did it's probably from previous earnings.
