New Views Emerge On Bitcoin's Decline

New Views Emerge On Bitcoin's Decline


Two different comments came as investors who woke up to the bloody market were investigating what caused the decline in Bitcoin.

As we mentioned in our Morning News, the first option was rumors that the US Treasury Department would sanction several institutions for money laundering through cryptocurrencies. It is believed that the basis of these rumors may have been the result of a presidential decree signed by Joe Biden a few days ago.

Related News Joe Biden Declares State Of Emergency Against Russia Attacks! Bitcoin (BTC) and cryptocurrencies were also included in the decision!

In particular, the fact that the CEO of a large Bitcoin fund such as Grayscale pointed out the share of this rumor has created a widespread idea that the decline in investors is due to this.

But veteran and popular analyst Willy Woo thinks the decline in Bitcoin is due to power outages in China. According to woo, the fact that the hash rate power in bitcoin fell too hard due to the outages also triggered this decline.

The analyst shared another chart, saying that there was a similar decline in November 2017 and that it was related to the hash rate decline.

According to the last share, the hash rate seems to have returned to normal at 6 hours of Ma.

Although Hash rate data does not act directly in correlation with price, it is stated that such drastic falls may have triggered sales by activating some algorithms and bots.

As the hash rate returns to normal after the fall in 2017, the price also appears to have recovered by making a double dip.

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