It has not been easy for Bitcoin to achieve stability this week as regards its price action. Many market participants had widely foreseen the 8.5% drop, and the majority of the cryptocurrencies are on the downside now. When it comes to fundamentals, BTC network keeps being empowered based on the weakness of the world’s economies.
The worse state of BTC shows that the world’s financial macroeconomic condition is not looking good. BTC keeps doing according to its purpose and trying to thrive where it is being opposed. However, there is a challenge currently, and it is that the majority of cryptocurrencies are flowing through centralized exchanges and the exchanges are imitating banks, as they are interested in taking their cut. The true quantity of wealth transfer carried out with BTC in the previous decade, as shown by a user via Twitter, is really amazing for a technology that is just coming up.
As market investors entertain fear and return to fiat while bear markets are ongoing, the price action is being influenced. The aggregate consequence activates further bearish moves with additional declines in prices.
Bitcoin hash rate also indicates the strength of the network. Based on the information provided by BitInfoCharts, a fresh record has been established some days back (110.6 EH/s) while Coin Dance reported 135 EH/s. That is, hash rate is setting new records while prices are facing bearish pressures.