Why is Bitcoin Going Down?

Bitcoin Price Dropped to $6.1K Shortly After the Equities Markets Close Red. The move somewhat mirrors the performance of traditional markets, which also closed the day with losses. The Dow closed with a 915 point loss, the S&P 500 pulled back 3.37% and the Nasdaq was down 3.79%. As the COVID 19 continues to spread around the world, its impact on the lives of people is mounting up rapidly. The unemployment rate in the United States and Europe is going up quite fast. The financial markets around the world are plunging despite governments’ efforts as the Dow closed with a 915 point loss, the S&P 500 pulled back 3.37%, and the Nasdaq was down 3.79%. Its impact on the bitcoin can also be seen clearly as its price dropped nearly 8% in the last 24 hours.

A number of miners apparently shut down operations due to unprofitability after the crash.The massive drop of Bitcoin subsequently led to significant miner instability as mining became unprofitable. This forced a number miners to remove their hashing power from the network, blockchain analytics firm Glassnode reported. Similarly, Chinese mining pool, F2Pool, also reported on March 12 that Bitcoin’s daily mining revenue was suffering more losses than during the price lows of November and December 2018.
When some miners retreated due to unprofitability following the crash, Bitcoin experienced its second-largest historical drop in difficulty ever. According to Glassnode data, Bitcoin’s difficulty — a measure that indicates the time taken by miners to add new transactions to the Bitcoin network — dropped almost 16% on March 25. While some industry players think that downward difficulty adjustment completes the so-called “miners’ capitulation cycle,” others are confident that such events mark a bottom in the market.

References:

Bailouts, A Tradition Unlike Any Other
https://prospect.org/coronavirus/unsanitized-bailouts-tradition-unlike-any-other/
Zcoin – A Privacy and Anonymity Focused Blockchain
https://www.altcoinbuzz.io/reviews/altcoin-projects/zcoin-a-privacy-and-anonymity-focused-blockchain/———
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15 COMMENTS

  4. Bitcoin has started showing bearish mood as we are approaching the end of the month. The price of the main crypto has declined by 4.41% over the last day. On the hourly chart, sellers are becoming more active than buyers, which is a sign of bear attack, The trading volume keeps going down, confirming the decline. What is more, the Bollinger Band indicator, as well as the correction wave model, supports the upcoming dump. In this case, the support is located in the range between 6,000usd to 6,227usd. If the bulls hold the 7,0OOusd level, the growth is likely to continue. so hodling now is like gambling, for now you can only make profit by trading, for me i advice you multiply the little you have with Frank’s strategy, i was able to make 7btc with I.5btc in 3 weeks with the same strategy, Y'all can reach out to him through His * Mail *(Franktrading99@gmail. com)" or Telegram Franktrading99

  6. Nice video. and I hit the like button of course. However, I do have a question. Why do so many exchanges block NYC residents from using their service (or at least for the most part) and the very few that do, don’t have really good reviews or have little to no Alt coins on their exchange? Am I missing something or is there a way around this?

  8. There's lots of talk about the difficulty of BitCoin dropping dramatically and when it changes it's difficulty with every 2 weeks. That's entirely too long in my opinion and for when events like this happen BitCoin needs to get on track faster than 2 weeks.
    While DigiByte changes difficulty every block, which is every 15 seconds whenever something like this happens, DigiByte is ready for it.
    Just my take. Scalability on the minute is important.

  9. In my opinion I think we need no more new coins. We have already too many. Lots of the coins we have now will not be around in few years. New coins are just a wait for some people to make money for themselves. That doesn't help the crypto community at all

  10. Just like most currencies, the price of Bitcoin changes every day. The only difference is that the price of Bitcoin changes on a much greater scale than local currencies.Even though there are multiple other factors which can affect the bitcoin value like the supply and demand, other cryptocurrencies and many other this can be used as a basic model and the rest factors can be manually studied as most of these factors are unpredictable. It can be used to get a fair idea of the prices and where the investments can be made. Bitcoin is still young and many sources says its here to stay. Hence it could be a good idea to invest into the same. It will be helpful so contact My pro-trader as he has help me to increase my bitcoin portfolio over time at telegram +1(323)776-6410 his email is ( Waltertrading10@yahoo. Com)

  11. Zcoin has really good fundamentals and is actually being used.
    But…. It is still in the process of dumping, and the chart looks pretty trash.

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