Crypto Market Bottom: A Tough Weekend Shake

A massive collapse over the weekend took the value of cryptocurrencies to shocking lows. The sudden 50% drop in Bitcoin's hash rate due to cuts in the Xinjiang region could be the reason for the drop in value. This April will be the worst April in history for Bitcoin. Bitcoin's decline in value has affected most of the other digital currencies as well. It has been a great year for cryptocurrencies with an overall market cap of over $ 2 trillion and Bitcoin's price of $ 63,729. But over the weekend, when prices dropped, Bitcoin and other cryptocurrencies took a hit. Just days after Coinbase was listed on Nasdaq and other commendable achievements in reshaping and repositioning digital assets, a major power outage in China's Xinjiang region turned the tide into cryptos. Although Bitcoin is in decline, the world's most popular and largest digital asset in terms of market share, Bitcoin has stepped back as a large cryptocurrency sale pushed the market to surpass $ 300 billion. In just 24 hours, the market value is filled. The crypto giant's price has dropped 12% since its drop over the weekend. Since Bitcoin has the largest market share, any downward trend will affect it more than any other cryptocurrency. This drop is surprising for most investors as it has followed a lot of scams related to cryptocurrencies recently, including the wonderful story of Coinbase and a great digital asset offering in recent weeks. The volatility of the cryptocurrency market has resurfaced and the bitcoin price dropped almost 14% from $ 59,000 an hour to $ 51,000 on Saturday night. There have been gains since then, with the bitcoin price rising to $ 57,609 on Monday. What caused the weekend crisis? Joel Kruger, a financial expert at LMAX Digital, explained the reasons for the recent decline and cited issues ranging from power outages in Xinjiang to common high leverage and low liquidity. . Read more

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