Last week, both BTC and ETH hit their all-time highs. BTC and ETC traded 12.52% and 11.55% below those levels at press time.
The mean reason for the decline of BTC over the weekend was a power outage in China’s Xinjiang region where a large portion of the world’s BTC is mined, as per Reuters.
Why It Matters: People “may have sold on the news of the power outage in China and not the impact it actually had on the network,” said Luke Sully, CEO of Ledgermatic, a digital asset treasury specialist.
Analyst Willy Woo noted on Twitter that the price and hash rate of BTC have a strong correlation.