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Willy Woo: Massive power outage in China made bitcoin fall to $50,000

A popular cryptocurrencies market analyst Willy Woo has pegged the recent Bitcoin crash to power outages in Xinjiang, China, the province that accounts for close to one-quarter of the global hashrate based on information by the Cambridge Bitcoin Energy Consumption Index.

Willy Woo: Massive power outage in China made bitcoin fall to $50,000

Willy Woo: Massive power outage in China made bitcoin fall to $50,000 (Image: Cryptocratist)

Going into the details, Woo conected recent flooding in a local coal mine that trapped 21 miners underground with the slump in Bitcoin price that followed. According to Woo, the events are connected.

Bitcoin hash rates (Image: Ycharts)

Bitcoin hash rates (Image: Ycharts)

The analyst noted that 9,000 BTC were sent to Binance on April 16 and stipulated that someone with knowledge of what was going on in China must have carried out the transaction.

While Woo’s opinion seems well-founded, he naturally found a few opposite views with Adam Cochran from Cinneanhaim Ventures, who described “the idea that a power outage last night in a mining region in China led to the dop in $BTC” as “utter nonsense.”

Bitcoin is currently trading at $55,281.60.

With informations: Gambling News

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