Bitcoin (BTC) fell to lows of $ 52,000 in April. Fear of regulatory moves , a brief hash rate collapse caused by a power outage in China are the main reasons for the Bitcoin price drop.
China and USA rumors lead the sale of BTC
TradingView showed a brutal hour for Bitcoin bulls everywhere early Sunday as the market dropped from $ 59,000 to $ 52,000 within minutes.
Having lost the $ 60,000 support early on the weekend, BTC / USD was still fairly stable before the instant price event that liquidated positions worth almost $ 10 billion in the past 24 hours.
Analysts pointed to two events as potential reasons: a hash rate crash and rumors from anonymous sources that United States regulators would blame anonymous “financial institutions” of crypto money laundering.
The hash rate, an estimate of the computing power devoted to the network by the miners, has almost halved according to some estimates. This was due to a massive outage that started two days ago in China’s Xinjiang province, where a large number of miners lived.
“Price and hash power are always related,” says statistician Willy Woo, pointing to a similar incident in November 2017.
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