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 | 83.2% | 31 | $76 064.81 | 0.08% | 8.61% | $1 504 523 633 485 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 82% | 24 | $2 914.44 | 2.30% | 15.68% | $350 956 842 345 | ||
3 | USDT | Tether predictions | 92.8% | 1 | $1.000636 | -0.02% | 0.07% | $122 031 247 565 | ||
4 | SOL | Solana predictions | 75.2% | 54 | $197.59 | 1.92% | 18.72% | $93 177 120 083 | ||
5 | BNB | Binance Coin predictions | 93.2% | 5 | $592.90 | -1.02% | 3.00% | $85 436 312 074 | ||
6 | USDC | USD Coin predictions | 95.2% | 1 | $0.999657 | -0.03% | -0.05% | $36 900 654 879 | ||
7 | XRP | XRP predictions | 91.2% | 12 | $0.548967 | -0.59% | 5.45% | $31 218 999 526 | ||
8 | DOGE | Dogecoin predictions | 65.2% | 65 | $0.193351 | -0.32% | 19.75% | $28 366 116 254 | ||
9 | ADA | Cardano predictions | 86% | 14 | $0.442978 | 13.17% | 24.62% | $15 505 550 481 | ||
10 | TRX | TRON predictions | 94% | 2 | $0.161050 | 0.45% | -3.55% | $13 918 433 792 | ||
11 | TON | Toncoin predictions | 86% | 20 | $4.91 | -0.47% | -0.46% | $12 488 805 556 | ||
12 | AVAX | Avalanche predictions | 75.2% | 44 | $27.86 | 0.79% | 11.19% | $11 344 625 411 | ||
13 | SHIB | SHIBA INU predictions | 55.6% | 94 | $0.000019 | -1.04% | 5.68% | $11 001 830 900 | ||
14 | STETH | Lido stETH predictions | 94.4% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
15 | WTRX | Wrapped TRON predictions | 92.8% | 1 | $0.116354 | -0.46% | 0.23% | $10 171 995 609 |
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