- Bitcoin’s hashrate tapped a seven-day high, putting BTC at risk of another decline.
- Shorts may be liquidated if the CLLD spikes.
Bitcoin’s [BTC] hashrate has reached its highest point in the last seven days, according to the data AMBCrypto observed from CoinWarz. At the time of writing, the king coin’s hashrate stood at 564.88 Exahash per second (EH/s).
Source: CoinWarz
Bitcoin’s hashrate gives an estimate of the computational power used by miners to process transactions on the blockchain. This process is sometimes complex, but miners ensure that they confirm the legitimacy of a transaction before adding it to the blockchain.
A high hashrate is risky for BTC
Gigisulivan, an author on CryptoQuant, commented on the hike in the hashrate and how it might affect BTC’s price. According to Gigisulivan, who also doubles as an on-chain analyst, BTC may be on the verge of dropping to $31,500 because of the surge in hashrate.
The analyst, in backing up his point, compared the current situation with BTC’s condition around the 15th of September. It was also around this period that the hashrate tapped a new high. During that period, Bitcoin jumped to $26,700.
With respect to the press time situation, Gigisulivan noted:
“Important to note is that we had another new high on hashrate 2 weeks ago, that is sitting still within the usual time-frame and usual pump before dump range.Most likely pullback target between 30-31.5k.”
At press time, BTC’s price was $36.643. This value, when compared with altcoin prices in the last 24 hours, showed that Bitcoin’s
Go to Source to See Full Article
Author: Victor Olanrewaju
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
