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Willie Wu linked the fall of bitcoin with a power outage in China

Popular analyst Willie Wu does not exclude that the recent drop in bitcoin below $ 52,000 could be, among other things, the result of a large-scale power outage in the Chinese province of Xinjiang. It is included in the list of the most popular regions of the Middle Kingdom among miners. According to the BTC Cambridge Energy Consumption Index (BECI), Xinjiang accounts for up to 25% of the total hashrate of the Bitcoin network. At the end of last week, the province experienced problems with the power supply of mining farms, which ultimately led to a drop in the hash rate to 154 exaches per second (EH / s). It was this situation that could lead to the collapse of bitcoin, the analyst emphasized. Willie Wu drew attention to the transfer of 9,000 bitcoins to the Binance exchange. This “whale” transaction was just connected with the events in China. She caused a chain reaction. Then a massive liquidation of positions in the futures market began. The liquidation of bitcoin positions amounted to $ 4.9 billion. Willie Wu believes that the $ 50,000 mark is a zone of strong support for the cryptocurrency. A similar situation was observed when bitcoin fixed at values ​​above $ 10,000.

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