Bitcoin’s hash rate has fallen by almost 8%. And the Ethereum network has also seen a fall, by roughly 7%. This isn’t the first time we’ve seen Bitcoin’s hash rate fall from this level, but it’s the first time in 2018. It’s quite possible that this is a one-off, and the rate will be less than it was before, but there are some important things to note.
Bitcoin is in the middle of some pretty wild price swings this year. In January, it was worth around $17,000. Since then, it’s risen more than 10x. In February, it was under $3,000. And then, March saw it hit $6,000. From there, Bitcoin has dropped week after week. But, while its price is down, its hashrate continues to grow.
Bitcoin is facing a lot of issues at the moment. Its value is crashing, the difficulty bomb is nearing, it has lost nearly 60% of its value since the start of the year, and its hashrate is falling. This has led to a lot of people wondering what’s next for the crypto-space, and you can’t blame them.Ethereum, BNB, XRP drop sharply amid drop in bitcoin’s hash rate. What’s the next step?
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Falling hash rates, death crosses and altcoin collapses set the scene for the crypto-currency market yesterday as China tightened its ban on crypto-currencies.
Shaurya Malwa – 22. June 20, 2023 at 8:00 UTC – 2 minutes reading
Bitcoin and Ethereum prices have fallen sharply after major Chinese banks suspended all cryptocurrency-related transactions.
The latest retaliatory measures came a few weeks after the adoption of local decrees liquidating mining companies.
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As an independent organization in the blockchain industry, we are guided by strict editorial policies that emphasize objectivity and transparency in our reporting.Ethereum, BNB, XRP all took big hits today, as bigger drops in Bitcoin hashrate caused a host of coins to depreciate in value. Ethereum fell by 15%, BNB dropped by 11%, XRP dropped by 7% and Bitcoin Cash dropped by around 4%. In total, this has caused the crypto markets to go down $25 billion since the start of the day.. Read more about xrp ripple news and let us know what you think.
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