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The Bitcoin rate fell by approximately 18% over the weekend and one of the variables behind this drop was a power failure in China's Xinjiang region that triggered a 45% drop in the hash rate.
The hash price of Bitcoin determines the complete combined computational power that is being used to mine as well as refine the cryptocurrency.
Another aspect behind Bitcoin's rate dive was speculation that the UNITED STATE Treasury would certainly charge a number of banks with cash laundering utilizing cryptocurrencies.
Ran Neuner, founder of Crypto Banter, host of CNBC's Crypto Investor as well as Chief Executive Officer of OnChain Capital called the power outage "a little scary" as it highlighted a significant danger for Bitcoin investors.
0:00 – Bitcoin's hash price decrease
6:24 – U.S. Treasury vs cash laundering
12:47 – Tax obligation on Bitcoin?
14:14 – When to acquire Bitcoin?
19:38 – Bitcoin vs. gold
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Is Bitcoin really decentralized? What triggered the ‘biggest liquidation’ in history - Ran Neuner
Part 1 of 2
The Bitcoin price fell by approximately 18% over the weekend and one of the factors behind this drop was a power outage in China’s Xinjiang region that caused a 45% drop in the hash rate.
The hash rate of Bitcoin measures the total combined computational power that is being used to mine and process the cryptocurrency.
Another factor behind Bitcoin’s price dive was speculation that the U.S. Treasury would charge several financial institutions with money laundering using cryptocurrencies.
Ran Neuner, co-founder of Crypto Banter, host of CNBC’s Crypto Trader and CEO of OnChain Capital called the power outage “a little bit scary” as it highlighted a major risk for Bitcoin investors.
0:00 - Bitcoin's hash rate drop
6:24 - U.S. Treasury vs money laundering
12:47 - Tax on Bitcoin?
14:14 - When to buy Bitcoin?
19:38 - Bitcoin vs. gold
__________________________________________________________________
Kitco News is the world’s #1 source of metals market information. Our videos feature interviews with prominent industry figures to bring you market-affecting insights, with the goal of helping people make informed investment decisions.
Subscribe to our channel to stay up to date on the latest insights moving the metals markets.
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