Bitcoin crashes to $52,000 By BTC Peers – Investing.com

Bitcoin crashes to $52,000 By BTC Peers – Investing.com

Bitcoin crashes to $52,000

Over the weekend, lost over $7,000 in a matter of minutes, pulling most of the top cryptocurrencies with it.

Recall that the leading cryptocurrency reclaimed the $60k mark and set a new all-time high just a few days ago. But while many analysts were predicting new highs, things took a different turn on Sunday. Bitcoin took a massive price action knock after an outage in the Bitcoin hash rate. Within an hour, the price of the digital asset lost over $7,000, eventually plunging to a low of around $52,000. Consequently, about $10 billion was liquidated on the trading day.

Several theories have tried to give reason to the recent crash. While some blame the hash rate crash caused by a major power outage in China, others are pointing to rumors of upcoming crypto regulations from the United States.

Speaking of the hash rate crash, a popular Bitcoin statistician Willy Woo asserts that Bitcoin's price is directly proportional to its hash rate. As such, the downward price trajectory is a temporary one. Bitcoin would recover as soon as the hash rate bounces back.

Meanwhile, Nic Carter, co-founder of Coin Metrics shared similar sentiments, suggesting that the outage in China is responsible