25.05.2020 BTC Daily Analysis

25.05.2020 BTC Daily Analysis

Bitcoin recovered mildly at the beginning of this week after closing the previous one in severe losses. The benchmark cryptocurrency fell nearly 10 percent to close the seven-day timeframe at $8,715. The move downhill marked bitcoin’s worst weekly performance since March 2020. As of Monday morning, the cryptocurrency was trading about 0.66 percent higher, around $8,773. Due to the block reward halving that transpired two weeks ago, the revenue that Bitcoin miners earn was effectively cut in half overnight. Miners operating with tight margins due to high electricity costs and older mining machines have been forced to turn off their machines in the wake of this halving. As a result, Bitcoin’s hash rate — the amount of computational power securing the network — has fallen, dipping over 20% from the all-time highs.