Bitcoin price is down by a sharp 5%, sometimes dropping to $33,400 when mining hash rate has hit a new three month low

By Selena On Jun 21, 2021

In the last few trading hours, the Bitcoin price has plummeted to the $33,400 region, the lowest level in the past week. The reason is probably still due to China continuously strengthening market supervision regulations and forcing the closure of more mining facilities. And the large-scale bans in Bitcoin mining in China have seen the mining hash rate hit a three-month low.

In the last 24 hours, Bitcoin’s lowest trading record was at $33,400 and the highest was at $36,119. At press time, BTC is trading at $34,146.

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price is down by a sharp 5% when mining hash rate has hit a new three month low

Over the past week, Bitcoin price has continuously followed a downtrend. In the past 24 hours, the Bitcoin mining speed of many mining pools in China has plummeted, losing about 18% – 30%, because some Bitcoin mining pools in China have stopped working. Some Bitcoin analysts are of the opinion that there may be a Bitcoin sell-off in the market.

The total hash rate (TH/s) has hit a new three-month low as China continues its clampdown on bitcoin mining operations within the country. The estimated number of tera hashes per second the bitcoin network is performing in the last twenty-four hours hit 127.65M. Down from its peak of 180.66M on May 14.

Following a large-scale crackdown of miners over the weekend, Antpool had dropped to third behind F2Pool and ViaBTC. While its hashrate plummeted over 37%. Mining pools that saw significant decreases in hash rate power following the widespread ban include AntPool, Foundry USA, SlushPool, and OKKONG.

AntPool dropped to third, and the hashrate dropped to 13000PH/s #BTC #bitcoinmining pic.twitter.com/qO5tJAA7iS

— 8BTCnews (@btcinchina) June 20, 2021

Huobi Pool reportedly managed to gain double-digit computing power growth with an increase of 10.74%.

Even so, according to a report from CryptoQuant, miners keep holding BTC.

The report from CryptoQuant states:

“Bitcoin periodically sent to exchanges from miners is decreasing. Chinese regulations can force miners to sell their rigs but not Bitcoin. If you look at the data for each miner, it has been a decreasing trend since March this year.”

The entire cryptocurrency market today is also clearly displayed in red. The top 10 cryptocurrencies according to CoinMarketCap are all down slightly from 3% – 6% on the day. In it, ETH, which recorded a 14% drop in the past seven days, is trading at $2,128. In addition, DOGE also recorded a large drop of nearly 7% in the past 24 hours, down 18% in the past seven days. Currently, DOGE is trading at $0.264.

Source: Coin360

According to CoinMarketCap, the total market cap is around $1,450 billion, well below the peak above $2.5 trillion last month.

You can see the Bitcoin price here.

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