The current state of the cryptocurrency markets can be compared to the free-fall experienced due to gravity when someone jumps out of a plane before deploying a parachute. Ever since the 14th of November this year, the value of BTC has fallen from levels around $6,300 to current levels of $4,500. This is a drop of close to 30% in a period of less than a week. BTC touched a new low a few hours ago at $4,380 with many crypto traders are concerned that the King of Crypto has not reached a bottom. The proverbial parachute for BTC would come in handy right about now!
According to eToro’s senior market analyst, Mati Greenspan, the current bitcoin hash-rate is now the lowest it has been since August this year. The drop seems to be continuing with time and is a clear indicator that some miners are probably opting to shut down their rigs or mine other cryptocurrencies.