As the world continues to fight the coronavirus pandemic, financial markets all over the continue to plunge. The Crypto industry also has not been immune to the coronavirus outbreak as the leading cryptocurrency witnessed massive swings last month. The global pandemic has also had a massive toll on the bitcoin mining industry as the price continues to remain volatile.
A steep dive in bitcoin network’s hash rate
The Bitcoin network witnessed a massive drop in the hash rate last month as the price of the leading cryptocurrency fell below the $4,000 mark at one point. The hash rate of the bitcoin network indicates how secure the blockchain network is. BTC hash rate reached its highest rate this year at 150 EH/s on March 5th before plummeting to 105.6 EH/s by March 15th. The decline in the hash rate continued to further. The main reason for the steep dive in the hash rate of the bitcoin network is speculated to be the coronavirus outbreak.
Bitcoin rises above $6,600, but not out of danger yet.
The price of bitcoin surged above $6,600, up over 5% in the last 24 hours. But the short term prediction for bitcoin is still bearish. The leading cryptocurrency might be on the verge of decoupling from traditional markets, but the next few weeks would be very crucial for bitcoin. Earlier, a crypto analyst predicted that bitcoin might fell below $4,000 mark once again in the short term.