China announced new tightening on mining activities in Xinjiang province, and this decision led to the shutdown of hundreds of thousands of mining machines that were operating there. The main reason is the government's desire to reduce electricity consumption and limit activities that they believe affect energy stability. The immediate result was that the hash rate – which is the power of the Bitcoin network – dropped by about 8%, and this was immediately reflected in the market as strong selling pressure from the miners who were disrupted.
The implications are clear: the market has entered a state of extreme fear 😱, the fear and greed index has dropped to "Extreme Fear" level, and prices have declined despite Bitcoin still holding at historically high levels. The correct action in these circumstances is not to rush or panic, but to be cautious: an investor looking for safety might allocate part of their portfolio to stable assets like gold or stablecoins, while those with a long-term perspective could take advantage of the downturn as an opportunity for gradual buying instead of risking large amounts all at once. So the wisdom now is to balance caution with opportunities and make decisions based on logic rather than market fear.
Stay safe 🧡🧡
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