As the digital currency market crashed and transactions skyrocketed on Sunday, the computing power of the Bitcoin network plummeted to close at $ 50.
to the the report Decrypt, on Sunday, after Bitcoin fell 15 percent overnight to below $ 52,144, price charts showed only red numbers and high percentages of decline.
Sunday was the exit day for many traders, and this caused heavy traffic in the bitcoin blockchain. Data from the Jochen-Hoenicke website shows that nearly 130,000 transactions in the Bitcoin blockchain are awaiting approval.
Also, the average Bitcoin transaction fee is now at a four-month high of $ 46.88, up more than 200 percent from April 4, which was $ 15.56.
Blockchain critic David Gerard linked Sunday’s unprecedented crowd to the influx of bitcoin holders out of the market.
At the same time as everyone is rushing to get out, the Bitcoin blockchain is currently a bit. Blocked.
Darius Sit, a QCP Capital trader, attributed the market crash to rumors that the US Treasury Department intends to prosecute large financial institutions for money laundering through digital currencies.
If this rumor were true, traders would sell their digital currencies for fear that prices would fall even further.
Securities lawyers aware of the Yellen Special Group plan [وزیر خزانهداری] The US Treasury Department said it planned to accuse several financial institutions of money laundering through digital currencies.
At the same time, power outages in China’s Xinjiang province, one of Bitcoin’s mining hubs, have exacerbated the situation as declining miners are pushing for higher transaction fees.
The bitcoin hash rate, which indicates the effective computing power of the Bitcoin global network, fell from 145 exits on April 16 to 105 exits the next day. BitinfoCharts data show that the bitcoin hash rate is currently 120 exacerbations per second.
The hash rate of bitcoin mining pools fell in 24 hours. Antpools fell 24.5 percent, btc.com fell 18.9 percent, Poolin and Binance Pools fell 20 percent. The reason for this power outage in northwest China is due to safety inspections.
While some traders were rushing out of the market, there is no doubt that others saw Sunday’s fall as an opportunity to buy bitcoins at lower prices. After all, what looks like rubbish to one person may be a treasure to another.