NEW DELHI: Covid-19 led lockdowns have hit cryptocurrencies globally, the way it impacted equities. Prices of Bitcoin fell to below $4000 in March from $10000 in February.
Bitcoin’s hash rate fell a significant 15.95% on 26 March. Hash rate is the amount of computing power that Bitcoin miners use to validate transactions on the digital currency’s blockchain.
Vincent Poon, vice president, Bithumb Global, said the “hashrate drop is due to the global turmoil similar to other assets".
Poon said the crypto market still has a “handful" of ponzi schemes. This is where people are invited to invest in a certain amount of coin and promised high returns.