The Bitcoin price plunge has led many investors to panic about the investment strategy and the stability of the portfolio. Anthony Pompliano, an investment analyst, claimed that although the price of Bitcoin appears worrying, the Bitcoin price slump in Bitcoin Miners and Bitcoiners Are “Not Interested”
however This is just a rough analysis, because the actual situation is much more complicated.
Bitcoin: Really Broken or Just a Little Stumble?
Pompliano said at his business event:
“Bitcoin hash rate continues to hit all-time-highs. continually Many countries want to knock out Bitcoin, but no one cares. Even if the price falls, no one cares.”
However, the latest hash rate has helped many people understand the message in detail.
Although Bitcoin’s average hash rate has already hit all-time-highs, it has been after frequent price fluctuations. in fact Since January 21, the average hash rate has also dropped again.
What’s more, the hash rate does not have a strong immunity to world events such as the Bitcoin mining ban or the internet blackout. All of which have a big impact on all miners.
need more than a flash of light. . . .
Pompliano underscored his idea by declaring that
“Bitcoin’s monetary policy never cares about what’s going on in the world. It doesn’t care about the epidemic. Ignore the US Federal Reserve And of course, the damned doesn’t care who’s buying or selling it.”
While Bitcoin miners and the rest of the ecosystem may be recovering from the events that led to the Bitcoin price plunge, saying “don’t care” would seem a bit too much of an exaggeration. Why? The market was not in the utter panic without reason. And fear can also cause panic sales.
The image below from the Lightning Network shows the drastic price drop affecting other parts of the Bitcoin ecosystem, and again. There’s more to it than being a case to be judged as good or bad.
The key point was that LN (Lightning Network) capacity dropped dramatically during the plunge around Dec. 4, and the network recovered in about a month, although the number of nodes declined after. On January 10th, Bitcoin Still Hits Records all-time-highs again
Overall, the Bitcoin ecosystem is interconnected and price performance can affect other parts of the network.
We need to talk about Bitcoin.
At the time of publication of the article, Bitcoin was priced at $35,818.88, down 16.35% over the past week. And as many people expected already. The President of El Salvador Nayib Bukele, the President of El Salvador, did not waste the opportunity and immediately bought 410 Bitcoins into the country.
And by estimation, he bought each BTC for about $36,585.
refer : LINK