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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Bitcoin Hash Rate Falls Lower Than Black Thursday, More Severe Selloff Incoming?

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
bitcoin hash rate btcusd hash ribbon

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Bitcoin‘s hash rate, a measure of the amount of processing power fueling the cryptocurrency’s underlying blockchain protocol, has fallen to a low beyond the levels seen following the Black Thursday market collapse aftermath.

Does this mean yet another, more severe selloff is possible in the day and weeks ahead?

Bitcoin Hash Rate Falls To Levels Below Post-Black Thursday Devastation

Black Thursday is a day investors and traders won’t soon forget. The jaw-dropping crash in Bitcoin and other cryptocurrencies wiped out more than half of their valuations.

The stock market, commodities, and more suffered just as bad, and even safe-haven precious metals took a major hit.

Markets, including Bitcoin have since recovered nearly to former highs set in early February before the outbreak reached pandemic levels.

Related Reading | Spot-Driven Retail Selling Sparked Sunday’s Bloody Bitcoin Selloff

Following the collapse, Bitcoin’s hash rate reached a 2020 low due to miners turning off their expensive, energy-consuming mining machines until the cost per BTC became more profitable. The price of the first-ever cryptocurrency fell so low, miners were better off buying the asset instead of running their math-crunching machinery.

Miners capitulating due to low prices made perfect sense at the time, with Bitcoin price trading below $4,000 temporarily. But why then, has Bitcoin’s hash rate plummed to a new 2020 low – one that’s even lower than the post-Black Thursday rate drop?

blockchain bitcoin hash rate btcusd

BTC Miners Shutting Down Expensive Machinery Could Fuel a Severe Selloff

According to data from Blockchain.com, Bitcoin’s hash rate has fallen to a new 2020 low, beyond the drop seen following Black Thursday this past March.

Bitcoin’s hash rate has been on a steady incline for much of the asset’s existence. Since the crypto hype bubble, it has grown exponentially.

The only major collapses since the bubble back in 2017, was just ahead of Bitcoin’s historic collapse from $6,000 to its current bear market bottom at $3,200 per BTC. This happened beginning in October, but price later responded mid-way through November 2018.

A smaller decline occurred in late 2019, but Bitcoin’s hash rate set an all-time high after that. Black Thursday created the next largest drop on record, until now.

The impact of Bitcoin’s halving may be starting to unfold. High prices and retail FOMO following a retest of lows pushed Bitcoin price high enough to delay what seems to be the inevitable capitulation of miners.

blockchain bitcoin hash rate btcusd hash ribbon

Coinciding with the largest yet drop in hash rate, the hash ribbons indicator is also signaling capitulation. This happens when the cost of producing each BTC falls below the expense in energy costs that miners must pay to run their machines.

What hasn’t yet occurred is Bitcoin price responding to the reduction in hash rate. Miners shutting down their machines are either waiting for prices to fall to turn them back on, or worse, are closing down for good.

Related Reading | Bitcoin Hash Ribbons Indicate Post-Halving Miner Capitulation Has Begun 

While weaker miners leaving the network to more efficient miners is the healthiest for the network and the most ideal conditions for the next uptrend, it could cause a short-term selloff of extreme severity.

Given how sharply the hash rate has dropped to a level even deeper than Black Thursday, it is possible that Bitcoin price will also see a deeper drop and set a new 2020 low.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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