Advertisement
AD

Main navigation

Cameron Winklevoss Says Bitcoin Is "Misunderstood" While BTC Hash Rate Hits New High Despite Price Woes

Advertisement
Thu, 24/10/2019 - 6:11
Cameron Winklevoss Says Bitcoin Is "Misunderstood" While BTC Hash Rate Hits New High Despite Price Woes
Cover image via en.wikipedia.org

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News
Contents
Advertisement

In case you are baffled by the latest Bitcoin price move, you are definitely not alone. 

Gemini co-founder Cameron Winklevoss has shared his take on Twitter, alleging that the price of the top coin is actually supposed to go up, and the latest plunge simply shows how "misunderstood" this nascent asset is. 

Notably, the Winklevoss twins were the ones who actually understood Bitcoin early on. Their multi-million bet on BTC attracted a flurry of media attention back in 2013, and it eventually turned them into crypto royalty. 

As reported to U.Today, Bitcoin, the number one cryptocurrency by market capitalization, dropped by almost nine percent in split minutes, which flew directly in the face of those market analysts who had been bullish on the orange coin prior to that volatile move. 

Related

Beyond price noise

While Bitcoin is inching closer and closer to breaking below the pivotal $7,000 after touching its lowest point in five months, it's worth paying attention to other metrics that might be more important in the long-term. 

Case in point: Bitcoin’s hashrate, which recently reached a new all-time high of 109 EH/s.

card

Older miners are shutting down

However, that might not last long. Dovey Wan of Primitive Ventures says that a lot of older miners, such as Antminer S9, have been practically shut down as a result of this volatile move. 

As reported by U.Today, Bitcoin’s bottom in September led to an exodus of miners, which subsequently led to a sizeable drop in BTC's hashrate. 

What will happen to Bitcoin’s hashrate in the short-term? Share your take in the comments! 

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD