bitcoin (BTC/USDCrypto markets rebounded on Wednesday as they strengthened after weeks of turmoil amid negative regulatory news and uncertainty Share Market Tuesday’s US inflation data.
According to Coinageco data, Bitcoin The coin climbed as high as $22,800 on major exchanges, with the coin higher by 4% at around 8:00 AM ET.
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BTC price helps hashrate up to 300 EH/s
With bitcoin’s price rising and the prospect of mining profitability increasing, miners have been able to keep their machines running to help push the network hashrate to 300 exahash per second (EH/s).
Bitcoin mining pool Luxor Mining as data shared via Twitter showsComputing power on the world’s leading blockchain network reached a new all-time high above 300 EH/s, buoyed by the BTC price and declining energy prices.
The rising hash rate comes after the world’s largest miners faced brutal market conditions, with some filing for bankruptcy protection. But while the wider crypto mining industry is still financially constrained, the growth in hashrate suggests confidence from miners.
If the price continues to rise in the near term, bitcoin’s hash rate could reach a new all-time high of over 300 EH/s.
crypto analyst Michael van de Poppe They say Bitcoin will probably consolidate after reaching the support at the $21.5k level. If the bulls hold the key support area around $21k amidst the slow grind, then its potential investors can target the resistance area at $25k.
Meanwhile, bitcoin’s resilience triggered positive action for all the top ten altcoins by market cap. Cardano was up 8.2% on Wednesday at around 8:00 a.m. ET, compared to 7.7% in the past 24 hours and Dogecoin’s price was up 6%.
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