Dogecoin and Ether weren't immune from sudden downturn, which appears to have been sparked by a series of unfortunate events.
The cryptocurrency’s price tanked by thousands of dollars in 15 minutes on Sunday morning… and seems to have been triggered by a series of unfortunate events.
An unverified report quickly spread like wildfire on Crypto Twitter that the U.S. Treasury was going to charge a number of financial institutions for money laundering using digital assets.
CNBC also shared a piece concerning India’s proposals to ban cryptocurrencies. There was just one problem here: The video was a month old.
To make matters worse, there was also a huge power outage in the Xinjiang region of China, which is home to a not insubstantial number of miners. This caused Bitcoin’s hash rate to tumble precipitously. As Ledgermatic’s Luke Sully told Reuters:
“The power outage does expose a fundamental weakness; that although the Bitcoin network is decentralized the mining of it is not.”