For some, Bitcoin is an ending story as the price keeps on getting on all the low notes and falling like a Frisbee smoothly but consistently. This is a crypto market crash that we are talking about, and it is not Bitcoin as Ethereum is doing worse than Bitcoin.
A lot of the current situation has got to do with China initiating a serious crackdown around miners and traders, which will put the market out of a serious amount of cash and the Bitcoin network out of some serious hash rate. None of this is exactly great, which is why Bitcoin’s price doesn’t seem to be recovering. There is not enough trading going on, and China being the largest domain for crypto mining, the hash rate of Bitcoin is falling ever since, taking the stability and efficiency of the entire blockchain down with it.
Bitcoin Failing along with many other Cryptocurrencies
Bitcoin started this descent from $60k+ and has settled for around $40k at the moment while even hitting the lowest $30k. In this consistent blow that it has taken from the crypto market, Bitcoin has lost more than $30k from its value, and there seems to be little to no reversal taking place at the moment.
Sure, the cryptocurrency was able to climb a little closer to $40k or even a little higher, but the numbers and trends have been pretty unstable over the past week or so. According to a few data analysts and traders, the China mining operation being terminated is actually good as now Europe and the US get to have a crack at it, and who knows, these two regions might be able to bring stability back to the declining hash rate for Bitcoin.
As of today, there are no vital signs of reversal as the crypto market is at its most blazingly cold volatility; if a cryptocurrency seems to show up a little on the surface the next hour, it is drowning once again but a little more intensely. Nothing can be said when the bearish run would be over, and Bitcoin and other cryptocurrencies would be out of such a critical position.