Bitcoin Hash Rate Nears Previous All-Time High as China Loses Influence of Crypto Market

Updated:

Despite the lingering bearish sentiment, Bitcoin (BTC) has recorded some significant recovery in its network metrics. According to a recent report from on-chain analytics provider Galssnode, Bitcoin’s hash rate has rebounded significantly and is only 4% away from its previous all-time high.

The benchmark cryptocurrency’s hash rate plummeted by over 50%, following the recent China Bitcoin ban. Since then, the market has recorded a steady increase in stability as its hash rate surged by over 90%. According to the report, Glassnode noted that:

“Bitcoin hashrate has almost completely recovered, sitting only 4% below the ATH (7-day moving average basis). Network hashrate fell by over 50% in May following China’s ban on Bitcoin mining. Hashrate has since climbed by 93% from the lows, hitting 172 Exahash/s today.”

The recovery of Bitcoin’s hash rate brings good news for the network, especially regarding network security. Typically, a high hash rate signifies that the network has a high processing power, which fortifies the network security.

The latest on-chain development confirms that China’s control over the Bitcoin market has diminished significantly over the past months. Before now, China held significant sway over the price activities of the crypto asset. Moving forward, damning crypto-related news from the Asian giant will have little to no effect on the primary cryptocurrency.

Key Bitcoin Levels to Watch — December 9

BTC remained within the confines of $50,500 to $49,000 on Thursday, as the broader market adopted a directionless bias since the flash crash. That said, the benchmark cryptocurrency tapped the $51,800 high on Tuesday but failed to sustain the momentum and fell to the $49,000 support.

BTCUSD – 4-Hour Chart on Gemini. Source: TradingView

Currently, the primary cryptocurrency battles to maintain a footing above the $49,500 level ahead of the congressional meeting scheduled for later today. Successfully holding above this level into the end of the day could ignite another bullish wave towards the weekly high at $51,800 and possibly higher.

Meanwhile, my resistance levels are at $50,000, $50,500, and $51,400, and my key support levels are at $48,500, $47,000, and $46,000.

Total Market Capitalization: $2.33 trillion

Bitcoin Market Capitalization: $930 trillion

Bitcoin Dominance: 39.9%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.