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Saturday, October 16, 2021

Bitcoin Price Slump: An Inkling Of The Storm?

Several traders have noticed a distinct positive trend regarding the price corridor of Bitcoin over the last couple of weeks. Despite the price slumping continuously, several on-chain metrics have provided evidence to the idea that this could definitely be a positive trend- the calm before a storm if you will. This report of a positive implication was later posted on Glassnode- the platform for crypto metrics. 

The researchers of the crypto platform have already noted that the last week for Bitcoin traded at a high of $35,128, while the lower end of the spectrum was $32,227. They believe that this definitely looks like an uneasy calm before the storm before the muted storm and a far quieter activity that has appeared over the spots- be it on-chain metrics or a simple derivative. 

Bitcoin Miners Recover From China’s Ban

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Glassnode did point to early signs of the hash rate recovery of Bitcoin after the Chinese government placed a crackdown on the mining of this cryptocurrency. This literally forced most of the local pools of mining to either relocate abroad or go offline. Now, the speed at which the computing power of BTC returns would definitely determine whether the overall sentiment in the crypto market is bullish or bearish- something that has been picked up by the researchers. 

As the report stated, the hash rate of Bitcoin- which is simply the total power of computing that has been dedicated to the crypto network- has maintained a recovery rate from its recent drop to 39%. In the event that the metric remains at this level, it would simply mean that almost 1/3rd of the hash rate power that was due to the clampdown by the Chinese government is online yet again. 

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