How Another Chinese Power Outage May Have Led to Bitcoin’s Flash Crash This Week
Earlier in April, an accident at a Chinese coal mine in Xinjiang sent Bitcoin network’s hash rate plummeting 30% in a span of a day, which crippled the major cryptocurrency’s rally. Now, Bitcoin’s hash rate is suffering a similar loss as miners based in Sichuan, China face limitations on power usage. The State Grid in […]
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On-chain analyst Willy Woo argues a massive power outage in Chinese mining hub Xinjiang drove Bitcoin’s violent crash down to $50,000. Woo noted reports identifying the blackouts were published late last week, with the power outages occurring to facilitate safety inspections in response to a recent flooding accident at a local coal mine that saw 21 miners temporarily trapped underground after power and communications went down.According to the Cambridge Bitcoin Energy Consumption Index, or BECI, Xinjiang represents nearly one-quarter of the global hash rate.The analyst notes yesterday saw....
Bitcoin prices slumped over the weekend, falling to a low of $50,000 on Sunday before rebounding, as a flash crash impacted leading cryptoassets. Bitcoin, Ethereum and XRP, as well as most other major altcoins, were all hit by a sudden flash crash early Sunday morning, sending prices down sharply. Power outages in China, which consequently […]
Bitcoin is barely recovering from a bloody weekend. Trading at $56,767 with 2.8% profit in the daily chart and a 5.6% loss in the weekly chart, BTC’s price outlook might seem bearish. However, investor Nik Yaremchuck shared a fractal comparing Bitcoin’s worse period in 2020 and the weekend’s flash crash. As can be seen below, […]
The price of bitcoin slumped again today after Bitfinex closed its order book, citing issues with its post-trade processing. The Hong Kong-based exchange, which witnessed a 'flash crash' just last week, halted trading for a seven-hour period this morning. The Bitfinex price promptly fell a further 3.8% when it reopened at 12:31pm UTC. In a statement on Reddit, Zane Tackett, Bitfinex's director of community and product development, said: "Earlier today, at 5:27 UTC, we encountered an issue with post-trade processing, upon which we decided to halt trading to ensure consistency in the order....
The Bitcoin price has taken a tumble today with the Bitfinex trading outage, starting around 5 PM Eastern Time, and continuing into the night. This news follows scheduled maintenance on th 17th. Bitfinex is citing “server migration issues” as the source of the outage delaying their projected re-launch time several times while attempting to fix the problem, allowing bursts of cancellation requests through as they worked. The outage coincides with as much as a 9% drop from the $740 USD level down to $685 at it’s lowest point. Bitfinex has since come back online, and prices and volume are....