The Bitcoin price is fundamentally driven by the cost of electricity: if you're a miner, you can spend $40K on electricity (on average) to mine a new coin, or i

The Bitcoin price is fundamentally driven by the cost of electricity: if you're a miner, you can spend $40K on electricity (on average) to mine a new coin, or if existing coins cost less money to buy, you can simply buy them instead (and make a profit in the process). The goal of miners it to acquire coins, and they can either buy electricity and compute machines and "trade" that expense for coins, or they can buy coins directly. Either way, miners will do whatever is cheapest to get new coins.