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.


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