Bitcoin
BTC$65 540.15

-1.49%

Ethereum
ETH$3 522.97

-1.03%

Tether
USDT$0.999119

-0.02%

Binance Coin
BNB$599.02

-1.18%

Solana
SOL$143.22

-1.18%

USD Coin
USDC$0.999928

0%

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 85.6% 15 $65 540.15 -1.49% -5.53% $1 292 025 136 713 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 82.4% 22 $3 522.97 -1.03% -4.20% $423 299 844 540 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $0.999119 -0.02% -0.04% $112 461 741 822 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 85.6% 27 $599.02 -1.18% -7.01% $88 405 924 535 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 76.8% 37 $143.22 -1.18% -9.82% $66 140 487 489 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 90% 3 $0.999928 0% 0.01% $32 459 684 152 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 79.2% 31 $0.503719 2.35% 1.39% $27 991 900 086 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 68.4% 58 $0.134264 -1.01% -7.13% $19 434 171 047 DOGE 7 days price change
9 Toncoin (TON) TON Toncoin predictions 68.8% 62 $7.79 -2.68% 10.00% $18 958 199 045 TON 7 days price change
10 Cardano (ADA) ADA Cardano predictions 79.6% 35 $0.403817 -2.79% -9.24% $14 428 712 734 ADA 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 57.2% 94 $0.000020 -4.20% -14.18% $11 692 036 361 SHIB 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 70.8% 57 $28.62 -4.62% -12.09% $11 257 594 727 AVAX 7 days price change
13 Lido stETH (STETH) STETH Lido stETH predictions 91.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
14 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 87.6% 12 $0.116643 0.93% 0.05% $10 197 254 270 WTRX 7 days price change
15 TRON (TRX) TRX TRON predictions 90% 12 $0.116829 1.30% 0.24% $10 196 410 787 TRX 7 days price change

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