Apr 20, 2021 Guest(s): Ran Neuner Founder, Crypto Banter | Host CNBC Crypto Trader
The Bitcoin price fell by approximately 18% over the weekend and one of the factors behind this drop was a power outage in China's Xinjiang region that caused a 45% drop in the hash rate.
The hash rate of Bitcoin measures the total combined computational power that is being used to mine and process the cryptocurrency.
Another factor behind Bitcoin's price dive was speculation that the U.S. Treasury would charge several financial institutions with money laundering using cryptocurrencies.
Ran Neuner, co-founder of Crypto Banter, host of CNBC's Crypto Trader and CEO of OnChain Capital called the power outage "a little bit scary" as it highlighted a major risk for Bitcoin investors.