{"id":4275,"date":"2021-06-22T10:51:58","date_gmt":"2021-06-22T09:51:58","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=4275"},"modified":"2021-06-22T10:52:02","modified_gmt":"2021-06-22T09:52:02","slug":"bitcoin-hashrate-falls-causing-ethereum-bnb-xrp-to-follow-suit","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitcoin-hashrate-falls-causing-ethereum-bnb-xrp-to-follow-suit\/","title":{"rendered":"Bitcoin hashrate falls causing Ethereum, BNB, XRP to follow suit"},"content":{"rendered":"\n
The latest crackdown from China on Bitcoin mining<\/a> caused the cryptocurrency hashrate to fall and as well affecting Ethereum, BNB and XRP.<\/h5>\n\n\n\n
\"Bitcoin<\/figure>\n\n\n\n

When major Chinese banks stopped all cryptocurrency-related transactions, the prices of Bitcoin and Ethereum were hit hard. The recent crackdown came weeks after local directives aimed to eliminate mining operations.<\/p>\n\n\n\n

Bitcoin (BTC) and Ethereum (ETH) fell -3% and -6%, respectively, while large-cap cryptocurrencies such as Binance (BNB), XRP and Cardano (ADA) fell Up to -15%.<\/p>\n\n\n\n

As the Chinese authorities banned the operation of mining centers in the country, Bitcoin's hashrate also continued to decline.<\/p>\n\n\n\n

“Hashrate” refers to the overall computing power\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> on the network, making it more secure and resistant to external attacks.<\/p>\n\n\n\n

However, the ray of hope appeared in the form of a business analysis company MicroStrategy, announcing that \u201cat an average price of approximately US$37,617 per bitcoin, an additional 13,005 bitcoins were purchased with approximately US$489 million in cash.\u201d<\/p>\n\n\n\n

This action shows that the institutions\u2019 interest in bitcoin remains Very high. At least for now.<\/p>\n\n\n\n

MicroStrategy has purchased an additional 13,005 bitcoins for ~$489 million in cash at an average price of ~$37,617 per bitcoin. As of 6\/21\/21 we #hodl ~105,085 bitcoins acquired for ~$2.741 billion at an average price of ~$26,080 per bitcoin. $MSTRhttps:\/\/t.co\/gLfnOxZEZc<\/p>

\u2014 Michael Saylor (@michael_saylor) June 21, 2021<\/p><\/blockquote>\n\n\n\n

The candle stick closing price yesterday verifies the \u201cdeath cross\u201d: the death cross occurs when the 50-day moving average is below 200 days moving average.<\/p>\n\n\n\n

This is usually regarded as one of the most important trend indicators, indicating that it will dip further in the next few days.<\/p>\n\n\n\n

As the negative news hits the price and the major indicators turn bearish, the price of Bitcoin <\/a>may face more troubles. The price of $33,000 is the key support that must be maintained.<\/p>\n\n\n\n

A close below this support level will cause further declines. If the price falls further, there is no solid support in the $30,000 range.<\/p>\n\n\n\n

If negative news continues to affect prices, it is also possible to see levels below $30,000.<\/p>\n\n\n\n

The chart for Ethereum<\/a> remains bearish, falling below the 20MA a few days ago and is currently testing great diagonal support.<\/p>\n\n\n\n

The only area that can rebound is the 200MA. If the price manages to close above the 200MA and the support level of $1,966.<\/p>\n","protected":false},"excerpt":{"rendered":"

The latest crackdown from China on Bitcoin mining caused the cryptocurrency hashrate to fall and as well affecting Ethereum, BNB and XRP. When major Chinese banks stopped all cryptocurrency-related transactions, the prices of Bitcoin and Ethereum were hit hard. The recent crackdown came weeks after local directives aimed to eliminate mining operations. Bitcoin (BTC) and […]<\/p>\n","protected":false},"author":12,"featured_media":4285,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[81,83,23,21,24],"tags":[152,173,128,502,146],"class_list":["post-4275","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoin-news","category-bitcoin-news","category-ethereum-news","category-news","category-ripples-news","tag-bitcoin","tag-bnb","tag-ethereum","tag-hashrate","tag-xrp"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/06\/image-5.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/4275","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=4275"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/4275\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/4285"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=4275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=4275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=4275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}