RATE Group | Market Wrap: Bitcoin Edges Up to $7.7K as Mining Power Rebounds
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Market Wrap: Bitcoin Edges Up to $7.7K as Mining Power Rebounds

28 Apr Market Wrap: Bitcoin Edges Up to $7.7K as Mining Power Rebounds

Posted at 21:01h in Bitcoin News by

Bitcoin’s price is on the upswing, and so is the amount of computing power securing the network as a once-in-four-years event known as the halving approaches.

The world’s oldest cryptocurrency is up 12% over the past five days, and less than a percent over the last 24 hours, trading in $7,600-$7,700 territory Tuesday. 

btcfiveday
Bitcoin trading on Coinbase the past five days
Source: TradingView

The price for one BTC has been above the technical indicator 10-day and 50-day moving averages, indicating bullish sentiment.

btcapr26
Bitcoin trading on Coinbase since April 26
Source: TradingView

Meanwhile, mining power is making a comeback from March lows. After a high of 121 exahashes, or millions of terahashes, per second (EH/s) in early March, the network dropped to 95 EH/s by March 19. The hashrate is now trending up again ahead of the halving.

bitcoinhashrate180
Bitcoin network hash rate since 10/31/19
Source: CoinDesk Research

Bitcoin’s March price bloodbath, with over $700 million in BitMEX liquidations triggered, likely…

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