• Fri. May 24th, 2024

Bitcoin 24-Hour Price Drift Made a Huge Impression on the Market Bulls

Christian Klausen

ByChristian Klausen

May 20, 2021

While Bitcoin took an unexpected nose dive to $32K, it also showed resilience and climbed back in the market when bulls took back the price stance with a $10K recovery in a matter of 24 hours. This phenomenal recovery of Bitcoin despite suffering bad news from Tesla and China allowed the market bulls to take back control and recover their losses. However, the amount of liquidations is valued at $8 billion in the same time frame.

Ki-Young Ju, CEO of CryptoQuant, thinks that the leading coin should brace for more turbulence ahead. He noticed that the number of whale positions has been liquidated higher than the entire year. At the same time, Bitcoin has moved forward in terms of market dominance by 44%, which has been on a steady downtrend of below 40% before the current selling pressure rose. 

BIT mining is a Chinese cryptocurrency miner that has announced plans to invest about $25.7 million in an American-based crypto farm. According to reports, the Texas mining facility would be extended, constructed, and run under new management. This investment venture is powered by Dory Creek that has been bought by Bitdeer-a dedicated crypto mining entity hailing from China. One of the most important aspects of this new project is that the hash rate of this mining rig would be as high as 57.2 MW. 

The major part of this mining capability would be sourced from low-carbon sources taking up as much as 85% of the entire capacity. The negative reputation for Bitcoin to take up a lot of energy resources has become more dominant in the markets. A huge portion of this criticism has struck down Chinese mining facilities; as a result, they are finding new fields for staying operational.  

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The New Graphics Card Used by the Mining Rigs has Become Less Productive

Nvidia is one of the biggest producers of gaming graphics cards in the United States. The company has recently announced that the new series of graphics cards would offer lower hash rates than their predecessors. After the crypto boom in the current year, the graphics cards that are produced for gaming purposes have gone short in the market as they are being bought in bulk by the crypto miners. The huge demand made the product short in markets, but the original users could not find any for their gaming gears.

In April, the company also limited the mining capacity for RTX 3060 on purpose to discourage its demand in the crypto mining forums. An unplanned leak about the new card series that led to increasing the GPU demand by miners is being reprimanded by the enterprise that is making changes in the hash rate. The last issued cards slowed down hash rates by as much as 50%.

Christian Klausen

Christian Klausen

Christian Klausen is a talented news writer renowned for his compelling storytelling and comprehensive research. With a sharp eye for detail, his articles offer readers a thought-provoking and well-informed perspective on a wide range of current topics.

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