Capitulation? BTC Battered by Biggest Mining Difficulty Drop Since 2011
Capitulation? BTC Battered by Biggest Mining Difficulty Drop Since 2011
(BTC) currently sits at $6,370, a slight recovery from the March 27 pullback which saw the price drop nearly 9% in 4 hours. Despite showing some bullish signs, Bitcoin is still down nearly 30% since last Friday.
As previously reported by Cointelegraph, the crash may have been caused by the recent mining difficulty adjustment of nearly -16%. The difficulty adjustment is how the Bitcoin network adapts to the changing mining power on the network, keeping its issuance rate at a fairly steady level.
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Source: investing.com
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