0
📰 News
617 views

Bitcoin Hash Rate Reaches New ATH Days After Mysterious 30 Percent Crash

  • Alex Dovbnya
    📰 News

    Bitcoin network hashrate reaches another high just two days after it nosedived by 30 percent

Bitcoin Hash Rate Reaches New ATH Days After Mysterious 30 Percent Crash
Cover image via 123rf.com
Contents

Bitcoin’s hash rate has reached a new all-time high of 108 EH/s on Sept. 27, which flies in the face of those who questioned the robustness of the network. However, it might soon experience another massive drop if the BTC price doesn’t hold above the $7,500 level.

👉MUST READ

Morgan Creek Capital CEO Mark Yusko Reacts to Bitcoin Price Dropping Below $8,000: "Buy It"

Morgan Creek Capital CEO Mark Yusko Reacts to Bitcoin Price Dropping Below $8,000:

Nobody knows what happened 

The network’s hash rate suddenly crashed by more than 30 percent on Sept. 24 (from 98 EH/s to 57.7 EH/s).

This preceded one of the biggest Bitcoin price drops this year. As reported by U.Today, the top coin flash-crashed to the $7,900 level on Sept. 25 and failed to recover.

There have been multiple theories about what caused this drop — from power outrages to the Bakkt flop, but the real reason remains a mystery. 

👉MUST READ

Recent Bitcoin Price Drop Might Indicate the End of Bull Market: Trading Experts

Recent Bitcoin Price Drop Might Indicate the End of Bull Market: Trading Experts

Older miners could become unprofitable   

Some also suspected that miners might have left the playing field en masse due to stagnant Bitcoin prices (it became less profitable to mine BTC in September). This argument doesn’t hold anymore given the network has recently printed yet another ATH despite significantly lower prices.

However, according to Dovey Wan of Primitive Ventures, the rumored exodus might indeed happen if the BTC price drops below the $7,500, thus making Bitmain Antiminer S9 unprofitable.

Subscribe to the official News.U.Today Telegram channel. Get news first!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

Recommended articles
0
📰 News
158 views

Bitcoin Price Likely to Decline to $7,800: Crypto Analyst

  • Yuri Molchan
    📰 News

    Bitcoin is to find support at $7,800 or recover to $8,300, an analyst writes, but either way ‘continuation of the ranging on either of the levels is going to occur’

Bitcoin Price Likely to Decline to $7,800: Crypto Analyst
Cover image via www.123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Over the last few days, Bitcoin has been trading below the $8,500 area. At the moment, it has recovered to $8,258 after the recent slip below the $8,100 level.

Analysts have been bullish on BTC in the long run, however, the nearest BTC price movements are expected to be bearish.

👉MUST READ

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

Ex-Congressman Says Fed Should Not Play With Own Cryptocurrency

The crypto analyst @CryptoMichNL believes that there are two paths ahead of Bitcoin at the moment. If it fails to recover to $8,300, he says on his Twitter page, then the market should be ready for the flagship coin to drop and find support at the $7,800 or $7,300 levels.

Whichever way it goes, ‘continuation of the ranging on either of the levels is going to occur’.

The analyst tweeted this forecast twice with an hour pause.

In this Telegram channel you’ll find fresh news, interviews, infographics, forecasts & other helpful stuff. Join U.Today's channel.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

Recommended articles

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings