{"id":4171,"date":"2021-04-19T22:37:15","date_gmt":"2021-04-20T02:37:15","guid":{"rendered":"https:\/\/www.technewsday.com\/?p=4171"},"modified":"2021-04-21T14:07:11","modified_gmt":"2021-04-21T18:07:11","slug":"bitcoin-slumps-14-in-sell-off-from-record-high","status":"publish","type":"post","link":"https:\/\/technewsday.com\/staging\/bitcoin-slumps-14-in-sell-off-from-record-high\/","title":{"rendered":"Bitcoin Slumps 14% In Sell-Off from Record High"},"content":{"rendered":"\n<p>Bitcoin, the world&#8217;s biggest cryptocurrency, fell as much as 14% to $51,541 on Sunday, wiping out most of last week&#8217;s gains.<\/p>\n\n\n\n<p>It last traded at $53,991, down 10%, a whopping $12,000 below Wednesday&#8217;s record high, while smaller rival Ether, the cryptocurrency linked to Ethereum&#8217;s blockchain network, fell 10% to $2,101.<\/p>\n\n\n\n<p>The blackout in China&#8217;s Xinjiang region, which is said to have a lot of bitcoin mining, is said to be responsible for the sell-off, with some blockchain analysts pointing to a sharp drop in the &#8220;hash rate&#8221; as a result of the outage.<\/p>\n\n\n\n<p>Hash rate refers to the volatility index, which measures the processing capacity of the entire Bitcoin network, and also determines the performance that miners need to develop new Bitcoins.<\/p>\n\n\n\n<p>Despite the sudden downward trend, Bitcoin is still up 89% in 2021, as it has gained more acceptance as an investment and means of payment, along with the rush of retail banking into stocks, exchange-traded funds, and other risky assets.<\/p>\n\n\n\n<p>For more information, you may view the original story from Reuters.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin, the world&#8217;s biggest cryptocurrency, fell as much as 14% to $51,541 on Sunday, wiping out most of last week&#8217;s gains. It last traded at $53,991, down 10%, a whopping $12,000 below Wednesday&#8217;s record high, while smaller rival Ether, the cryptocurrency linked to Ethereum&#8217;s blockchain network, fell 10% to $2,101. The blackout in China&#8217;s Xinjiang [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9],"tags":[124],"class_list":["post-4171","post","type-post","status-publish","format-standard","hentry","category-todays-news","tag-bitcoin"],"acf":[],"_links":{"self":[{"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/posts\/4171","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/comments?post=4171"}],"version-history":[{"count":3,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/posts\/4171\/revisions"}],"predecessor-version":[{"id":4195,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/posts\/4171\/revisions\/4195"}],"wp:attachment":[{"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/media?parent=4171"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/categories?post=4171"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/tags?post=4171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}