We hear a lot of ups and downs in the value of bitcoin because bitcoin is highly volatile in nature. Recently the bitcoin price fell by 14%, which was $51541. This downfall in the bitcoin value resulted in reversing of the profits which it has gained in the last week. In this year, the bitcoin last fell up to 10% of its value, which made it come to a price of $53991. A new record in the bitcoin downfall was set on the 21st of April when the bitcoin fell up to 14%, which is huge. Ethereum, which is the rival of bitcoin and is the second most popular cryptocurrency, has also seen a downfall of 10%, and it rested on $2101. For trading bitcoin, you can make use of the profit-maximizer.app as it is the most reliable platform.
- You need to know that there was a lot of reason behind this fall in the bitcoin value and the major one was the china power outage in the Xinjian region, according to the reports given by the CoinMarketCap. This platform is the one that provides immunity to a lot of bitcoin mining platforms for selling.
- Luke sully, have mentioned in a mail that the people might have sold their bitcoin after watching the news of the china power outage. He added that this china power outage has also uncovered the central weakness. This totally signifies that bitcoin might not be in the control of the government, and it is a decentralized cryptocurrency, but its mining is not at all decentralized.
- You will be glad to hear that after this news of the power outage, some of the prominent personalities in the cryptocurrency world and analysts have made many tweets on Twitter. They basically pointed out the significant drop in the hash rate of bitcoin. You might not be aware of the thing that the hash rate means the index of volatility, which helps in measuring the capacity of processing of the complete bitcoin network.
- This is also helpful in determining the amount of power that is needed for the mining of bitcoins. The co-founder of Sovryn has said that these archetypal things related to the hash rate don’t have any impact on the bitcoin price. The one thing that you need to know about it is that the reduction in the hash rate results in the slowing down of the transactions.
- This means that it makes it harder to move the coins to the various crypto exchanges for selling the bitcoins. He also said that the drop in the price of bitcoin is within the rate of its volatility, so it is just a disturbance, and it doesn’t indicate anything much.
- The other thing which also led to the fall in the bitcoin value was turkey’s ban on bitcoins. You might not have heard that the turkey’ central bank has imposed a ban on the use of bitcoins. This ban was announced overnight, and it will be taken into action from the 30th of April.
- A statement was also given by Adam Cochran, who is an analyst of cryptocurrency, that this whole idea of downfall in the bitcoin due to china power outage is just a non-sense thing. But he said that this could be possible that there may be a connection between the hash rate and the prices of bitcoin.
Should you buy bitcoin at this time?
According to willy Woo, who is a famous analyst of the cryptocurrency market have stated that the hash rate has been recovered fully now, and it can prove to be one of the best opportunities for people who were looking forward to buying the bitcoins. This is the right time to invest in bitcoin because you can buy them at a decreased rate, and their prices are going to rise very soon. This means that you will be able to make a massive amount of profit in the future.
We can conclude one thing at the last that the bitcoin prices were dropped because of the power outage in China and due to the ban imposed by Turkey on the use of bitcoins. The news of the china blackout and hash rate of bitcoin dropped was first reported by the Coingape platform. Investors should not worry at this point because bitcoin is a volatile currency, and its price will increase in a short time.