Bitcoin
BTC$76 064.81

0.08%

Ethereum
ETH$2 914.44

2.30%

Tether
USDT$1.000636

-0.02%

Solana
SOL$197.59

1.92%

Binance Coin
BNB$592.90

-1.02%

USD Coin
USDC$0.999657

-0.03%

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

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