Bitcoin Flash Crash Due To Market Overreaction To Non Issue Analyst Says
Sunday’s “flash crash,” similar to wild computer-driven swings in the stock market, did no lasting harm, and Bitcoin’s price quickly made up some of the loss. “A power outage in the Xinjiang region of China where a significant portion of Bitcoin mining takes place caused a very sudden dip in the global hashrate which, in turn, caused transactions to back up and fees to rocket temporarily,” Jason Deane, Bitcoin analyst at Quantum Economics, London, told Newsweek....