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Coronavirus & Bitcoin Price: Is China Losing Its BTC Mining Monopoly?

Published 04/03/2020, 07:40 PM
Updated 04/04/2020, 01:00 PM
Coronavirus & Bitcoin Price: Is China Losing Its BTC Mining Monopoly?
BTC/USD
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This week the price of Bitcoin (BTC) surged more than 15%, reaching a high at $7,200 before pulling back into the $6,800 range. Despite the recovery, Bitcoin still has a way to go in order to reach the $8,000 level seen before the coronavirus-triggered selloff on March 12.

The drop had several consequences on the Bitcoin network. Having reached the $3,800 price range, the accentuated drop forced some Bitcoin miners to throw in the towel and shut down their operations due to mining becoming unprofitable.

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