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Bitcoin price fell by 10%

On Sunday, April 18, the quotes of the first cryptocurrency fell from levels above $ 61,000. At the moment, the price fell below $ 52,000, the fall was accompanied by a surge in trading volumes.

BTC / USD hourly chart on Bitstamp. Data: TradingView.

At the time of writing, digital gold is trading at around $ 56,000. Over the past 24 hours, the coin has dropped approximately 10% (according to CoinGecko).

The hashrate of leading Bitcoin mining pools fell sharply on Friday amid electricity supply problems following explosions and floods in coal mines in several provinces in China.

Popular trader Ton Weiss suggested that it was this news that caused panic in the market. He himself called this moment a good time to buy an asset.

Analyst Willie Wu noted that the price and hashrate of bitcoin have always been correlated, so the fall in the rate is associated with power outages in China.

Together with the flagship, the quotes of all the largest cryptocurrencies collapsed. Nevertheless, according to the results of the last seven days, all assets remain in the green zone. Dogecoin, the price of which moved to a correction the day before, has risen in price over the period by almost 390%.

Data: CoinGecko.

Against the background of the fall, the volume of liquidations in 24 hours amounted to $ 9.795 billion, which was the largest amount in history, according to journalist Colin Wu. According to the bybt service, more than a million traders became victims, the largest order in bitcoin was liquidated on Binance with a volume of $ 68.7 million.

The cryptocurrency market capitalization exceeds $ 2.24 trillion, the bitcoin dominance index is 50.6%.

Recall that the price of the first cryptocurrency reached its all-time high above $ 64,000 on April 14.

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Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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