Bitcoin Price Plunged – Drops More Than 14% In 24 Hours

Since last month, there has been a lot of uncertainty over the price of Bitcoin. The price of this cryptocurrency has been fluctuating and it even dropped to an all-time low ($47,000) at some point. However, since the all-time low drop, there has been a gradual rise in the price of this crypto. Recent reports claim that the price of this crypto-money dropped suddenly, a drop of over 14%.

According to Tesla’s CEO, Elon Musk, the company no longer allows the use of Bitcoin for vehicle purchases. According to him, the decision is due to the “rapidly increasing use of fossil fuels for bitcoin mining”. Since this announcement, there has been a drop in the price of Bitcoin.

Last month, Tesla announced its support for the purchase of cars with Bitcoin. Tesla’s public support for this cryptocurrency has contributed to the skyrocketing of the price of Bitcoin in recent months. However, this time it has announced the suspension of support for the purchase of Bitcoin. According to data from coindesk, the price of Bitcoin is currently a little above $50,000.

Bitcoin’s Mining Difficulty Hits New High
To determine the computational effort that it takes to mine Bitcoin, there is a self-correcting score called Bitcoin mining difficulty. This score starts at 1 which is the easiest level and continues to increase or decrease. This means that the higher this value, the easier it is to mine this cryptocurrency. According to a recent report, the mining difficulty hits a new all-time high today. The value is currently at – 11.19% and the difficulty adjusted upward 21.53% setting a new all-time high at 25.05 trillion. At the last adjustment, it set a score of 20.61 trillion.

The Bitcoin difficulty can increase or decrease depending on how miners compete on the network. According to reports, the current difficulty score is the largest adjustment in seven years.

Compass Mining CEO Thomas Heller said

“Today’s difficulty increase of 21.53%, the largest percentage increase since 2014, and it’s also the largest absolute increase in history”.

According to CoinGeck’s data, Bitcoin’s share of the total market value of cryptocurrencies has dropped from about 70% at the beginning of this year to about 46%. The share of the second-largest cryptocurrency, Ethereum, rose to 15%, and the total share of some other top-ranked cryptocurrencies doubled to 36%. In recent times, the rise and fall of Bitcoin have seen some massive losses. Some poor people had to liquidate their positions and have nothing. This is why crypto investors have to be very careful and must watch the market closely.

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