Bitcoin price decreases by 3.12% compared to the last 24 hours.
Bitcoin miners are facing difficulty due to increased hash rates.
The topmost cryptocurrency, Bitcoin (BTC) has seen a deep fall from nearly $30K to the value of $25,137.80, currently. Meanwhile, before 2 hours, BTC has fallen below $25K ranging to $24,902.15 when its trading volume was reported at $11.95 billion.
BTC Price Chart (Source: CoinMarketCap)
Furthermore, 92.39% of BTC exists in the current circulation from its total supply of 21M BTCs. The trading volume is maintained green, indicating an engagement in BTC trading with a 0.46% increase at the time of analysis. However, the market capitalization is seen to drop by 3.22% worth $487B, ranking the top position in the crypto market.
On the other hand, Bitcoin miners are facing difficulty by 2.18%, defending with the increased hash rate. This creates huge competition among miners since the record crosses 52.35 trillion. Yet, crypto investors rely on trading BTC despite difficulties and drops.
It is considered that the Federal Reserve (Fed) announcing the halt of interest rate hikes at 5.25%, could be the reason for BTC’s sudden drop below $25K at the moment. Till then, BTC was fluctuating at $26K.