Gas Falling Below $6 – Trustnodes

Gas is down about 3% with it falling to $6.02 at some point as it drops more than 30% from $9 earlier this month.

Oil is faring a bit better, down just 0.08% and still above $100, even as G7 discusses putting a cap on Russian oil.

Worries about a recession however and hikes in interest rates have sent commodities down for the first time since December when gas began rising.

This may ease worries about inflation as oil and gas affect the price of pretty much everything, including bitcoin.

A steep rise in energy costs to mine bitcoin and ethereum may have contributed to the price fall as miners have sold more to cover the costs.

Miners sold 88,000 bitcoin in just one day earlier this month, worth about $2 billion, to the point bitcoin’s price has now fallen below cost of production.

Which means it is now cheaper to buy bitcoin directly, rather than mine it, something that may increase relative demand.

With gas falling however and oil too, bitcoin mining costs will also fall, as will inflation that has somewhat persisted at a 40 years high.

Yet just how much more gas will fall remains to be seen with the current price levels still at their highest in more than a decade. It may thus still have quite a bit more to go.