Bitcoin: Will it Bounce Back From the April Dip?
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Bitcoin and the broader crypto market ran into turbulence in the last weeks of April. The top digital currency was trading above US$57,000 in early afternoon trading on May 3. Crypto has well and truly burst into the mainstream over the past year. Moreover, crypto markets have proven resilient in bouncing back from dips in recent months. Is this another buying opportunity? Let’s dive in.
Why Bitcoin and cryptocurrencies hit rough waters in April
Last month, I’d discussed the reasons bitcoin encountered volatility. The weekend of April 17-18 saw a massive power outage in the Chinese autonomous region of Xinjiang. According to the Cambridge Bitcoin Energy Consumption Index, Xinjiang represents nearly 25% of the global hash rate.