A Big Bloodbath in Which Cryptocurrencies Swim
Bitcoin (BTC) is down 10% , down below $ 53,000.
At the time of writing this post, Bitcoin is trading at $ 54,900 with a market estimate of $ 1.02 trillion.
This staggering value collapse occurred in the nearly $ 10 billion Bitcoin sold within 60 minutes.
Digging into the matter a little bit, there was an unverified tweet that relayed information on the US Treasury Department charging crypto firms for inclusion in illegal tax evasion.
The second and main reason for the draining of the digital currency market is the power outages in the "Xinjiang" region of China, which caused a massive part of the Bitcoin organization to be cut off within 48 hours.
This intervention was due to maintenance managed by competent specialists after the terrible floods that affected power plants in China.
Bitcoin mining is known to be a massive part of it in China, as Xinjiang is one of the regions where a huge piece of bitcoin rigs is dynamic.
Under these conditions, the cost of Bitcoin has exploded dramatically, leading to an additional value review.
Accordingly, in the wake of the Xinjiang blackout, current value activity was following the breakdown of Bitcoin.
Buying Opportunity for Bitcoin :
With the latest information from Glassnode, Willie Wu reports that the hash has been fully recovered:
Along these lines, this drop could address an unusual buying opportunity for individuals who were ready to enter Bitcoin.
In contrast to Bitcoin's drop, the record has shrunk completely, which could mean a solid buying opportunity.
Unlike Bitcoin, the digital money market overall has decreased by 13% and lost more than $ 150 billion.
There was a big spike in buyers in Chinese stock trading, but conditions shifted after the occurrence of "Xinjiang", information on Turkey banning installments in cryptocurrencies, and bidding by CoinBase heads.
The Market method shifts green to red and enters into a continuous downward reaction until this post is published.
By @natalia-irish
Thank You
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