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.”
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 87.2% | 23 | $64 628.67 | 0.98% | 1.82% | $1 272 549 046 711 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 72.8% | 51 | $3 159.06 | 0.71% | 3.24% | $385 557 858 196 | ||
3 | USDT | Tether predictions | 92.8% | 1 | $0.999642 | 0.02% | -0.08% | $110 423 991 962 | ||
4 | BNB | Binance Coin predictions | 84% | 20 | $616.20 | 2.01% | 12.14% | $90 944 101 922 | ||
5 | SOL | Solana predictions | 64.4% | 71 | $146.66 | -2.12% | 4.60% | $65 562 976 868 | ||
6 | USDC | USD Coin predictions | 94% | 2 | $1.000055 | 0% | 0.02% | $33 247 081 720 | ||
7 | XRP | XRP predictions | 67.6% | 62 | $0.529978 | -1.38% | 5.39% | $29 217 248 301 | ||
8 | DOGE | Dogecoin predictions | 70.4% | 60 | $0.152266 | -0.82% | 1.05% | $21 931 506 577 | ||
9 | TON | Toncoin predictions | 64.8% | 66 | $5.52 | -1.85% | -14.48% | $19 156 571 239 | ||
10 | ADA | Cardano predictions | 64.4% | 72 | $0.473390 | -1.24% | 4.30% | $16 868 730 809 | ||
11 | SHIB | SHIBA INU predictions | 60% | 82 | $0.000026 | -0.37% | 14.49% | $15 274 775 352 | ||
12 | AVAX | Avalanche predictions | 67.6% | 68 | $35.87 | -3.04% | 2.84% | $13 565 953 763 | ||
13 | STETH | Lido stETH predictions | 94.8% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
14 | TRX | TRON predictions | 83.6% | 21 | $0.117105 | 2.77% | 7.54% | $10 254 777 324 | ||
15 | WTRX | Wrapped TRON predictions | 84.4% | 19 | $0.116747 | 2.69% | 7.49% | $10 223 468 554 |
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