Bitcoin’s all-time high (ATH) value of US$ 69,000, which it had achieved on 10th November 2021, has become a bad omen for Bitcoin. Since November 13, 2021, Bitcoin has been losing value without a pause and in the past 14 days alone, the value has reduced by 20%. Meanwhile, the reduction has taken over Bitcoin’s processing power as well. For the past two days, Bitcoin has been missing out approximately 15% of its hashpower.
Fear is rising to an alarming level in the Bitcoin trade market while panic is on the loose in its processing power. The good news however is that political unrest in Kazakhstan has been taken control of and internet connection has been restored. Blockchain Association of Kazakhstan has denied that Bitcoin miners suffered any losses. However, in actual fact, Bitcoin miners were systematically stopped from accessing the internet and carrying out their mining operations for a few days.
On the other hand, only 4 days ago, Bitcoin value was hovering above US$ 46K. Since then the value has decreased by another 10%. Now the value is US$ 42,205 which the value, a day before, went below US$ 30,000.
Similarly, 15 days ago, the best Bitcoin mining machine was able to bring profits of US$ 25 to 30 each day. Again, everyday profits have been reduced to less than US$ 15 only which is the direct result of reduced hashpower.
Maintaining the price level above US$ 40K is however the real deal for Bitcoin now. In the past two days, Bitcoin has been seen pushing back into $30K zone which Bitcoin simply cannot afford to do so. Even today as well Bitcoin went below that level when the value dropped to US$ 39,650. But quick recovery has been saving the rest of the day as Bitcoin has earned value gains of more than US$ 1,700 today.
However, in terms of its weekly performance, Bitcoin’s value has been reduced by approximately 2.88%. Similarly, a 9.73% value reduction has taken place in the past 10 days. Bitcoin is in dire need of a miracle right now as it has been more than a month that the fear is continuously increasing.