Analytics / Forex and Crypto News
Bitcoin price declines for the second day in a row. Yesterday the price of Bitcoin dropped below $58000, and today on April 7th, the price fell to $55950.
Bitcoin price falls as orders are liquidated on exchanges. According to the ByBt service, within 4 hours, 368,000 traders liquidated deals worth $1,04 billion.
Within two days, the number of liquidated transactions amounted to about $2 billion. However, this situation should not be regarded as critical. The current decline in the price of Bitcoin is caused by the fight between bulls and bears. Analysts are confident that Bitcoin's bull rally will resume soon.
Also, the decline in the price of Bitcoin is associated with an increase in computing power on the network. Since yesterday, the hash rate has been aggressively growing and has reached a new high. According to Glassnode, in the middle of this week, the figure reached 179.4 exaches per second (EH/s).
Now the miners have become more active and are working in an enhanced mode, since the current prices are very profitable for them on the market. Moreover, mining is profitable even on ASIC machines of 2014.