{"id":563689,"date":"2020-09-08T15:21:42","date_gmt":"2020-09-08T12:21:42","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=563689"},"modified":"2020-09-08T15:43:03","modified_gmt":"2020-09-08T12:43:03","slug":"bitcoin-btc-hashrate-hits-a-new-all-time-high","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitcoin-btc-hashrate-hits-a-new-all-time-high\/","title":{"rendered":"Bitcoin (BTC) Hashrate Hits a New All-time High"},"content":{"rendered":"<p><strong>Quick take:<\/strong><\/p>\n<ul>\n<li><strong>Bitcoin&#8217;s hash rate has hit a new all-time high<\/strong><\/li>\n<li><strong>This is despite the price of BTC continuing to struggle at the $10k psychological level<\/strong><\/li>\n<li><strong>Short-term, Bitcoin looks bearish<\/strong><\/li>\n<\/ul>\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/latest-bitcoin-btc-news\/\" target=\"_blank\" rel=\"noopener noreferrer\">Bitcoin (BTC)<\/a> has set a new milestone in terms of hash rates. According to the team at Unfolded, Bitcoin&#8217;s hash rate has reached another all-time high. The team informed the crypto-verse regarding the new Bitcoin milestone via the following tweet.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#Bitcoin<\/a> hash rate hits another all-time-high<\/p>\n<p>data <a href=\"https:\/\/twitter.com\/glassnode?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">@glassnode<\/a> <a href=\"https:\/\/t.co\/w3g3NDAjE3\" rel=\"nofollow\">pic.twitter.com\/w3g3NDAjE3<\/a><\/p>\n<p>\u2014 Unfolded (@cryptounfolded) <a href=\"https:\/\/twitter.com\/cryptounfolded\/status\/1303221888609669120?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">September 8, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>BTC Miners Unfazed by the Current Crypto Market Downturn<\/h2>\n<p>Additionally, the team at Coinmetrics <a href=\"https:\/\/twitter.com\/coinmetrics\/status\/1303056348024901633?s=09\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">also captured<\/a> the activity surrounding the Bitcoin network and concluded that BTC miners are unfazed by the current crypto market downturn.<\/p>\n<blockquote><p><span class=\"r-18u37iz\">#Bitcoin<\/span><span class=\"css-901oao css-16my406 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0\"> miners seem unphased by the recent drawdown in markets, continuing to produce hashes at record high levels&#8230;the CMBI Bitcoin Hash Rate Index indicates miners are conducting &gt;130 EH per second<\/span><\/p><\/blockquote>\n<h2>Short Term, Bitcoin is Bearish<\/h2>\n<p>When it comes to Bitcoin&#8217;s market action, veteran Bitcoin analyst, Willy Woo, has provided a brief analysis of the current <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-btc-is-still-up-14-in-q3-2020\/\" target=\"_blank\" rel=\"noopener noreferrer\">BTC market turmoil<\/a>. According to Mr. Woo, Bitcoin&#8217;s on-chain fundamentals could switch bullish in the weeks to follow. He also cautioned against declaring a Bitcoin bottom too soon but at the same time, mentioned that <a href=\"https:\/\/en.ethereumworldnews.com\/10k-is-bitcoins-btc-new-baseline-tyler-winklevoss\/\" target=\"_blank\" rel=\"noopener noreferrer\">the current $10k levels<\/a> might worth considering as a level to get back in.<\/p>\n<p>Mr. Woo made the commentary on Bitcoin&#8217;s market activity via the following tweet.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Local on-chain switching bullish (looking at the next few weeks out), not calling this has bottomed, even though it may have. Playing the big swings it&#8217;s not a bad time to buy back in.<\/p>\n<p>\u2014 Willy Woo (@woonomic) <a href=\"https:\/\/twitter.com\/woonomic\/status\/1302550673225994240?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">September 6, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nChiming in on Mr. Woo&#8217;s analysis, Bitcoin&#8217;s weekly chart is still showing some weakness. Given the fact that the holiday season is around the corner, Bitcoin could be in for a short-term bear cycle reminiscent of the fourth quarters of both 2018 and 2019.<\/p>\n<p>In the fourth quarter of 2018, we saw Bitcoin drop from $6k levels in October to a local bottom of $3,150 in December of the same year. Bitcoin would go on to print a local top of $14,000 in June 2019.<\/p>\n<p>With respect to the fourth quarter of 2019, November found Bitcoin trading at $9,000. By mid-December, Bitcoin was trading at $6,300 and rebounded to $10,500 in February 2020 before<a href=\"https:\/\/en.ethereumworldnews.com\/bitcoins-btc-biggest-test-will-be-a-coronavirus-induced-recession\/\" target=\"_blank\" rel=\"noopener noreferrer\"> the Coronavirus crash<\/a> of mid-March.<\/p>\n<p>Therefore, the fourth quarter of 2020 might experience a similar pattern where Bitcoin finds a local bottom in mid-December in preparation for a drive up in the first quarter of 2021.<\/p>\n<p>As with all analyses of Bitcoin, traders and investors are advised to used adequate stop losses and low leverage when trading Bitcoin on the various derivatives platforms.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Quick take: Bitcoin&#8217;s hash rate has hit a new all-time high This is despite the price of BTC continuing to struggle at the $10k psychological level Short-term, Bitcoin looks bearish Bitcoin (BTC) has set a new milestone in terms of hash rates. According to the team at Unfolded, Bitcoin&#8217;s hash rate has reached another all-time high. The team informed the crypto-verse regarding the new Bitcoin milestone via the following tweet. #Bitcoin hash rate hits another all-time-high data @glassnode pic.twitter.com\/w3g3NDAjE3 \u2014 [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":563143,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800],"tags":[1233,6961,6976],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/563689"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=563689"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/563689\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/563143"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=563689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=563689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=563689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}