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BITCOIN SETS A NEW HASH RATE RECORD EVEN AS PRICE STILL STRUGGLES TO PASS $12K

The average mining rate of Bitcoin over the past 7 days has gone over 129 TH/s for the first time. However, the coin is still struggling with going past the $12,000 level.

Though Bitcoin is yet to say goodbye to the $12,000 resistance level, its improved hash rate is something to comfort one with.

Blockchain.com confirmed that the hash rate average calculated on Aug 15 as 129.075 TH/s was one that has never been before. No one probably expected this anytime soon because just two weeks ago, the hash rate was static. The last satisfactory performance was recorded on July 28.

Hash rate is an indication of how much miners are working to process BTC transactions. When the hashrate is high, it is an indication that miners are doing more work because they are seeing profits. This is why hashrate usually affects the price of the asset.

Two times in August, the price of Bitcoin went above $12,000. But that was short-lived as the price quickly went back to $11,000+. Between Friday and Sunday, Bitcoin has been seen struggling to beat the $12,000 resistance but its best was around the $11,700 to $11,900 zone.

The relationship between Gold and Bitcoin

It is more likely for Bitcoin and gold to behave alike in 2020 because of the people’s responses to fiat currencies owing to the government’s cash support for the COVID-19 pandemic.

Not long ago, Gold’s price passed the level of $2,000 per ounce. Because of the relationship between the two assets, Max Keiser, a Bitcoin supporter, believes that Bitcoin’s price may soon reach $50,000 because Warren Buffet just bought an enormous amount of gold.

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