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So after a lot of bad news for crypto this month, we finally have some really good news that came out from china, let’s talk about it. Hello guys and welcome back to the crypto globe. So the greatest news from today, is that the hash rate of bitcoin is finally rising after a major decline this month. We know that China has been doubling down on its crackdown on bitcoin mining, which caused the hash rate to fall by over 50 percent this month. It raised a lot of concerns for holders, who thought that bitcoin’s price is going to fall even more because of the continuous drop in hash rate and we know that bitcoin’s price has a huge impact on dogecoin’s price, so this is definitely something to be happy about. So if you don’t know bitcoin’s hashrate could be a good indicator of its price too, before i talk about how it could affect its price, let’s try to understand the bitcoin hash rate for a minute.
So in essence the hash rate of the bitcoin network is the pace at which miners can complete proof of work computations per second. The greater the hash rate, the more blocks are mined, increasing the likelihood that an individual miner will solve the block reward puzzle and get newly minted bitcoin. a high hash rate is a sign of a robust bitcoin mining environment, it implies that an increasing number of miners are utilizing the most efficient mining hardware and are competing with one another, to process transactions and solve block reward problems. Because of proof of work, the bitcoin blockchain is safe and unchangeable from the perspective of an investor. The hash rate is an important measure to monitor since it indicates that miners are deploying new equipment, potentially in anticipation of a higher bitcoin price. According to max keiser, bitcoin’s price could definitely follow its hash rate. He said that the constant 10-minute emission schedule of bitcoin is the lord that will always attract miners, even acting irrationally that pushes up hash rate with price following. So I think I won’t be surprised if we see a spike sometime soon for bitcoin and dogecoin in the coming weeks.
Now let’s talk about price predictions for a minute!! the CEO of celsius said that bitcoin is going all the way to one hundred sixty thousand dollars in two thousand twenty-one. If you don’t know, celsius is one of the leading centralized cryptocurrency lending platforms out there. Basically, its CEO said that we haven’t seen the highs for bitcoin for this year yet. He also said that when you go too high, too fast you are bound for a correction. You can see my tweets in both march and February saying, we’re going to have a crash, we’re going to have a correction, I predicted thirty thousand dollars. Bitcoin is like a spring, we stretch it too much and we put too much leverage, too many people got greedy and I have to agree with him this is a correction phase and we could definitely see it end pretty soon.
And with that, we’ve come to the end of this video, thanks for watching till the end. Good luck and happy investing.
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