Bitcoin
BTC$38 967.91

-7.44%

Ethereum
ETH$2 871.05

-8.60%

Tether
USDT$1.000160

-0.01%

Binance Coin
BNB$428.81

-7.90%

USD Coin
USDC$1.000296

-0.04%

Cardano
ADA$1.23

-8.69%

China is massively shutting down miners


25 Jun 2021

#Bitcoin

Bitcoin has been losing more than 4% in the last 24 hours and changing hands for $ 32,600. In general, this can be considered good news for the cryptocurrency market, since the coin still confidently bounced above an important technical and psychological level and is still quite confidently holding there. Cryptocurrency price dynamics are broadly mixed, reflecting investor confusion and a willingness to wait and see until clearer fundamentals emerge. The situation can be seriously affected by the development of events with mining and hash rates.

At the moment, the computing power of the network is dramatically falling, as Chinese miners massively shut down their equipment. This will not lead to the collapse of the blockchain, however, it significantly affects the mood, in addition, it is generally accepted in the crypto market that the direction of the Bitcoin price depends on the direction of the hash rate. The largest mining pools are moving to different countries. 

So, for example, BTC.com moves to Kazakhstan. However, there are more interesting destinations like Miami, where the mayor personally invited the Chinese miners. “Nevertheless, miners still fear that they will face significant cost increases and hidden legal problems. For the sector as a whole, the current process is more positively assessed, since the dispersal of Chinese computing power around the world will mean more decentralization, which in the long term will have a positive effect on the Bitcoin exchange rate”, said the FxPro analyst team.


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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 70.4% 62 $38 967.91 -7.44% -7.59% $737 892 869 372 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 60.4% 78 $2 871.05 -8.60% -11.22% $342 372 023 455 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.6% 1 $1.000160 -0.01% -0.02% $78 287 072 748 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 71.2% 56 $428.81 -7.90% -9.28% $70 802 974 684 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 95.2% 1 $1.000296 -0.04% 0.05% $42 399 121 779 USDC 7 days price change
6 Cardano (ADA) ADA Cardano predictions 74.4% 49 $1.23 -8.69% -1.46% $41 378 123 412 ADA 7 days price change
7 Solana (SOL) SOL Solana predictions 61.6% 87 $123.51 -9.84% -13.96% $38 846 684 963 SOL 7 days price change
8 XRP (XRP) XRP XRP predictions 68.8% 59 $0.691874 -6.72% -9.81% $32 976 873 993 XRP 7 days price change
9 Terra (LUNA) LUNA Terra predictions 69.6% 58 $77.73 -5.70% -0.40% $27 703 412 550 LUNA 7 days price change
10 Polkadot (DOT) DOT Polkadot predictions 72.8% 48 $22.45 -8.55% -14.69% $22 171 004 822 DOT 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 71.6% 50 $0.153961 -6.54% -20.35% $20 426 155 179 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 66% 77 $76.46 -9.87% -13.92% $18 683 659 839 AVAX 7 days price change
13 Binance USD (BUSD) BUSD Binance USD predictions 90.8% 1 $0.999181 -0.15% -0.05% $14 221 363 997 BUSD 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 66% 68 $0.000026 -7.57% -15.60% $14 165 186 561 SHIB 7 days price change
15 Polygon (MATIC) MATIC Polygon predictions 66% 64 $1.90 -8.89% -14.69% $14 121 576 857 MATIC 7 days price change

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