The hashrate of the Bitcoin blockchain network barely flinched as the price of BTC plummeted to $3,600, by around 50 percent within a 24-hour span. It may indicate that big mining firms have not capitulated amidst the drop, going in line with theories put out by respected industry executives.
What’s the theory? And is Bitcoin hashrate remaining high a positive factor?
High-profile investors in the cryptocurrency market such as BlockTower Capital chief investment officer managing partner Ari Paul said that investors did not decide to sell at low $4,000s.
The abrupt liquidation of a billion dollars of long contracts across major cryptocurrency exchanges led to a flash crash-esqe decline to $3,600, margin calling many positions.
That may show that major players in the cryptocurrency market are unlikely to have capitulated in the quick move down below $4,000. Read More...