Bitcoin
BTC$36 221.06

-2.99%

Ethereum
ETH$2 414.43

-1.84%

Tether
USDT$1.000716

0.02%

Binance Coin
BNB$368.16

-3.30%

USD Coin
USDC$0.999993

-0.05%

Cardano
ADA$1.049679

0.84%

Bitcoin price drops to $52K, liquidating almost $10B


19 Apr 2021

#Bitcoin

Bitcoin (BTC) fell to sudden lows of $52,000 on April 18 in a timely reminder of how price action often follows hash rate. Cointelegraph Markets Pro and TradingView showed a brutal hour for Bitcoin bulls everywhere early on Sunday as the market went from $59,000 to $52,000 in minutes. Having lost $60,000 support earlier in the weekend, BTC/USD was still fairly stable before the snap price event, which liquidated positions worth almost $10 billion over the past 24 hours.

At around $7,000, the hourly loss challenges the record reversal seen in February after Bitcoin hit $58,000 for the first time. In the aftermath, analysts pointed to two events as potential causes: a hash rate crash and rumors from unnamed sources that United States regulators were about to charge unnamed “financial institutions” with crypto-related money laundering.

Hash rate — an estimate of the computing power dedicated to the network by miners — crashed by almost half according to some estimates. This was due to a mass outage in China’s Xinjiang province, home to a large number of miners, which began two days ago. In a classic depiction of the old adage, “price follows hash rate,” BTC/USD then caught up with reality. “Price and hash rate has always been correlated,” statistician Willy Woo argued, pointing to a similar event from November 2017. Woo added that as then, the impact on price action was temporary and that hash rate had meanwhile already “almost fully recovered.”


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 73.2% 46 $36 221.06 -2.99% -13.86% $686 064 825 763 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 69.6% 57 $2 414.43 -1.84% -23.13% $288 112 201 953 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 90.8% 1 $1.000716 0.02% 0.04% $78 248 084 207 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 70% 65 $368.16 -3.30% -22.95% $60 788 563 476 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 96% 1 $0.999993 -0.05% -0.03% $49 084 706 161 USDC 7 days price change
6 Cardano (ADA) ADA Cardano predictions 70.4% 63 $1.049679 0.84% -23.02% $35 219 986 893 ADA 7 days price change
7 XRP (XRP) XRP XRP predictions 75.2% 49 $0.607404 -2.29% -18.61% $28 995 606 140 XRP 7 days price change
8 Solana (SOL) SOL Solana predictions 67.2% 63 $89.10 -5.67% -35.11% $28 064 342 302 SOL 7 days price change
9 Terra (LUNA) LUNA Terra predictions 66.8% 68 $58.47 -6.55% -28.94% $23 484 802 131 LUNA 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 70% 64 $0.141356 -2.08% -14.15% $18 753 744 343 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 65.2% 69 $17.62 -5.50% -28.42% $17 399 544 470 DOT 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 67.6% 68 $63.26 -7.41% -25.24% $15 489 310 635 AVAX 7 days price change
13 Binance USD (BUSD) BUSD Binance USD predictions 94.8% 1 $0.998998 -0.15% 0.05% $14 526 773 505 BUSD 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 66.4% 72 $1.55 -2.17% -25.22% $11 572 347 692 MATIC 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 66.4% 70 $0.000021 -3.34% -25.29% $11 375 375 737 SHIB 7 days price change

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