Bitcoin price falls to the zone of $ 54,255, many altcoins are down more than 20% in the past 24 hours
Bitcoin price is currently trading around $ 54,255. It is forecasted that Bitcoin is likely to retest the $ 42,000 threshold.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price dropped to the floor, experts pessimistic
According to CoinMarketCap, the volume of Bitcoin transactions in that period was around $ 65.3 billion, with a recorded capitalization of $ 1,043 billion. Bitcoin suddenly plummeted on April 18 session. Many analysts believe that this Bitcoin correction could be even worse.
The worst-case scenario is that Bitcoin will retest the $ 47,000 – $ 42,000 zone but expect the bulls to try to push the price to $ 69,000.
According to Coinmarketcap, Bitcoin’s strong plunge in the past few days has been linked to a power outage in China’s Xinjiang region. This is believed to be an important source of electricity for Bitcoin mining. The power outage of Xinjiang caused the world’s largest technical currency to be sold off.
The power outage revealed a fundamental weakness of Bitcoin: the Bitcoin system is decentralized, but the Bitcoin mining system is not.
The “big brother” Bitcoin freefall also caused many smaller cryptocurrencies to plunge. Recorded at 6 a.m. this morning, Ethereum was down 3.2 percent, Ripple down 7.8 percent, Cardano down 5.6 percent, Polkadot down 7.5 percent, and Litecoin down 5 percent. A series of declining cryptocurrencies caused the total capitalization to decline by 1.45% to $ 2,020 billion.
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