Home NewsBitcoin News Bitcoin Price Declines Below $8k Level

Bitcoin Price Declines Below $8k Level

by Monica Padillo

Bitcoin’s price has fallen past the $8,000 mark, currently standing around $7,900 according to data from CoinMarketCap as of press time.

CoinDesk reported that the further plunge in Bitcoin’s price occured after the futures of oil benchmark Brent crude oil declined by 30 percent to $31.02

The Brent crude oil issue was also caused by Saudi Arabia reducing its prices after the Organization of the Petroleum Exporting Countries failed to finalize a deal on production cuts. 

There is a possibility, however, that the Bitcoin network’s computing power and mining difficulty could increase in a few hours, which could give mining farms that still use old equipment a hard time.

Last week, Bitcoin’s hashing power increased due to several Chinese crypto mining equipment manufacturers gradually resuming operations in the midst of the Coronavirus outbreak.

Companies such as MicroBT, Bitmain, Canaan Creative initiated some domestic and overseas shipments and unveiled new offerings after their businesses were stalled in late January.

F2pool Chief Operating Officer Charles Chao Yu noted that the manufacturers’ resumption of operations does not mean that they are fully recovered from the business disruption.