https://ift.tt/3sxCn2V hashrate dropped because the Chinese government turned off electricity for safety inspections in northwest China. This caused the hash rate of Antpool to drop by 24.5%, BTC.com fell by 18.9%, Poolin fell by 33%, and binance pools fell by 20%. The difficulty just adjusted so it's going to be a few weeks before it adjusts again.Take a look at https://ift.tt/2gchoE0 & https://ift.tt/2AfWdGN & https://ift.tt/3srQKpH honestly not a big deal and it's self regulating. Miner fees will be back to normal when the electricity is turned back on. Even if they kept the electricity off for 3 weeks (lol they wont), then the difficulty would go down so much that bitcoin would be extra easy to mine and the next 2016 blocks would be solved faster than usual. Like I said, it's self regulating.That's why the transactions are not going trough and everybody complaining that they can't buy.So the China miners situation provoked this huge FUD.It will go back over 60K soon... BTFD!UPDATE:How Accidents in Chinese Coal Mines Are Affecting Bitcoin Mining.The explosions took nearly a quarter of Bitcoin's hashrate offline, but the network is operating normally and these miners could be back online in as soon as a week.https://ift.tt/3akV6bI 2: Here are more sources and infoBitcoin Mining Pool Hashrates Plummet Following North-West China Blackoutshttps://finance.yahoo.com/news/bitcoin-mining-pool-hashrates-plummet-110000621.htmlBITCOIN MINING HASH RATE DROPS AS BLACKOUTS INSTITUTED IN CHINALocal news outlets have tied a recent dip in the bitcoin mining hash rate to government-instituted blackouts in China.https://ift.tt/3uYXMnl spooks bitcoin miners in northern Chinahttps://micky.com.au/blackout-spooks-bitcoin-miners-in-northern-china/UPDATE 3: Good explanation hereFirst, the paper hands sell on the FUD that China is banning Btc, which is not true. Miners are collateral damage in the coal mine disruptions, which led to a power outage.Whales enhance the selling by stop loss hunting. Stop losses gets triggered, increasing the selling pressure. Do not forget that whales purposely do this so they can buy at cheaper prices!All in all, this is healthy for btc price in order to get a prolonged bullrun. Liquidating the greedy degens who trade with high leverage.Anyway from a technical analysis perspective, this was a likelihood, as the price was going in a downward channel/pennant. If it broke down, 52k was the target. ChartAfter this dump, btc price will rebound to ATH. 52k is the lower range where this dump can go. BUY THE DIP!!!My prediction 75k end of April!https://ift.tt/32oEoUz billion in crypto long positions liquidated in one hour as bitcoin plunges to $52,000https://ift.tt/32rVbGi 4: It seems to be a confluence of factors, used by the whales to trigger panic-selling. Here's another factorMargin accounts having a cascading crash on Binance.https://ift.tt/3sowmFL
Submitted April 18, 2021 at 11:49AM
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