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Cointelegraph
19.04.2021
Did a massive Chinese power outage cause Bitcoin’s crash down to $50K?
On-chain analyst Willy Woo argues a massive power outage in Chinese mining hub Xinjiang drove Bitcoin’s violent crash down to $50,000.

Woo noted reports identifying the blackouts were published late last week, with the power outages occurring to facilitate safety inspections in response to a recent flooding accident at a local coal mine that saw 21 miners temporarily trapped underground after power and communications went down.

According to the Cambridge Bitcoin Energy Consumption Index, or BECI, Xinjiang represents nearly one-quarter of the global hash rate.

The analyst notes yesterday saw the largest daily drop in total Bitcoin network hash rate since November 2017, with hash rate plummeting from 172 million terahashes per second, or TH/s, to less roughly 154 million TH/s, according to Ycharts.

Popular crypto market analyst, Willy Woo, has attributed the violent April 18 cryptocurrency crash to a sudden drop in hash rate resulting from a power outage in the Chinese region of Xinjiang.
Bitcoin hash rate: Ycharts (pic. 1)

Woo points to 9,000 BTC that was transferred to Binance on April 16, speculating the funds were likely sent by a “whale with closer knowledge to happenings in China.”

Coupled with heavy selling in the quarterly futures markets, the downward momentum drove $4.9 billion worth of Bitcoin liquidations and a further $4.4 billion in margin calls in the altcoin markets — with a record 1 million accounts being liquidated.

However, not everyone agrees with Woo’s analysis, with Cinneanhaim Ventures partner, Adam Cochran, describing “the idea that a power outage last night in a mining region in China led to the dop in $BTC” as “utter nonsense.”
https://twitter.com/adamscochran/status/1383802386297151492

Woo noted that long-term whales who rarely sell have been buying heavily amid the dip, adding that the lower $50,000 range is forming “the largest cluster of price discovery since BTC was below $10k.”

“Validation of BTC as a trillion dollar asset is immensely strong,” he said, adding that 13.5% of the entire BTC supply has been moved on-chain while Bitcoin’s capitalization has exceeded $1 trillion.
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Unfolded
19.04.2021
PBoC vice governor says China regards crypto assets as investment alternatives
https://www.theblockcrypto.com/post/102044/pboc-bitcoin-crypto-asset-investment-alternative
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CoinSignals
19.04.2021
The amount of liquidation in the past 24h has reached $9.795 billion, which is the largest liquidation amount in a day in history.

More than 1 million people become victims. The largest order occurred in Binance. -BTC, valued at $6873.48 million.
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Unfolded
19.04.2021
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CoinSignals
18.04.2021
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Cointelegraph
18.04.2021
China is studying crypto as an investment tool, says PBoC deputy governor
The central bank official said stablecoins issued by private companies may require "stronger regulatory rules" than Bitcoin.

Li Bo, recently appointed deputy governor of the People’s Bank of China, or PBoC, reportedly spoke on the benefits of crypto as an investment tool while highlighting regulatory uncertainty in the country surrounding digital assets.

According to Chinese journalist Colin Wu, Li made the comments at the Boao Forum in southern China on Sunday. The PBoC head said there are still regulatory risks for the central bank, citing its previous ban on initial coin offerings and cryptocurrency exchanges. Li reportedly said the PBoC will “continue to maintain the current measures and practices” as it explores any potential change in regulation, but seemed to recognize the investment potential of crypto.

“We believe that Bitcoin and stablecoins are encrypted assets,” said Li. “Encrypted assets are an investment option, not currency itself. It is an alternative investment, not currency itself. Therefore, we believe that crypto assets should play a major role in the future, either as an investment tool or as an alternative investment.”

The PBoC deputy governor added that stablecoins issued by private companies may require “stronger regulatory rules” than Bitcoin (BTC), saying:

“In the future, if any stablecoin hopes to become a widely used payment tool, it must be subject to strict supervision, just like banks or quasi-bank financial institutions are subject to strict supervision.”
Li, one of seven deputies to PBoC governor Yi Gang and former vice mayor of the Chinese municipality of Chongqing, is seemingly taking a stronger position for the central bank to recognize crypto as a store of value. His appointment as deputy governor was announced last week.

His comments come alongside former PBoC president Zhou Xiaochua, also in attendance at the Boao Forum, who seemed to make a distinction between the “real economy” and the one in which digital currencies play a role:

“Finance is to serve the real economy. Whether it is digital currency or digital assets, it should be closely integrated with the real economy and serve the real economy.”
China’s central bank is currently moving forward with piloting its digital yuan project first proposed in 2014, now testing the digital currency in major cities across the country. Li added that the PBoC would be "focusing primarily on domestic use" for the digital yuan, saying China may consider cross-border payments and transactions "in the long term." The country is reportedly planning to put the digital currency into use at the 2022 Winter Olympic Games in Beijing.
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Unfolded
18.04.2021
Bitcoin funding rates turn significantly negative for the first time in a few months
https://cryptoquant.com/overview/full/7724?window=hour
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Unfolded
18.04.2021
Google search volumes for "Coinbase" hit record highs
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Unfolded
18.04.2021
Canada's Purpose Investments secures approval to launch world's first Ether ETF
https://www.reuters.com/article/idUSL1N2M923R
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CoinSignals
17.04.2021 ( edited 36h ago )
#VIA / BTC

Double bottom breakout 🚀
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Glassnode
17.04.2021
#Bitcoin change-adjusted transaction volume has hit a new ATH of $49.45 Billion.

The previous record $46.68B was set at 2017 peak during a 67-day stretch of high volume > $15B.

This bull has sustained a much longer 121-days with high volume > $15B
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Unfolded
17.04.2021
Doge #5 market cap
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