Key Points:
- Bitcoin hashrate reached 271.34 EH/s, an all-time high after recording a 10.26% increase in Bitcoin mining difficulty.
- The market started to revive when Bitcoin (BTC) hit the $21,000 mark.
Since last week, the market has had an impressive transformation after receiving positive information about US CPI and inflation. Bitcoin’s continuous increase led to the recovery of the market. Bitcoin hashrate reached 271.34 EH/s, an all-time high.
Bitcoin mining difficulty since the most significant drop since China’s BTC mining ban in 2021 in early December 2022 (about 7.32%), then after a BTC jump to $21,200 within the week, on the second week of 2023, this index quickly recorded an impressive increase of 10.26%, dispelling all adverse movements about activities on the Bitcoin network in the past.
This impressive recovery can be attributed to the positive signs of the traditional market. In the last week, the US released December CPI. According to the most recent December 2022 CPI report, experts forecast that inflation will continue to fall to 6.5%. US monetary policies are expected to breathe easier in 2023.
The impressive acceleration in mining difficulty and hashrate – the two “backbone” indicators to gauge the efficiency around the Bitcoin network, probably comes from the fact that investor confidence has been significantly strengthened after the shares of Bitcoin mining companies recovered strongly right at the time when the US stock market (SP500 and Nasdaq) recorded a historic long rally with five consecutive green sessions.
BTC has continuously increased by 23% in the past seven days. At its peak, the price hit the $21,000 mark and is currently trading around the $20,800 mark.
Thanks to BTC’s rise, all remaining altcoins had recorded impressive gains over the past week, bouncing above the lows set in June 2022 – when BTC first plunged to $17,500 due to the recent drop in price collapse of LUNA/UST, such as Ethereum trading above $1550 or BNB above $300.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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