• Bitcoin’s hash rate has just hit an all-time high, indicating strength and potential stability in the network’s mining ecosystem.
• US 10Y treasury yields have reached their highest close since June 2008, while Bitcoin support at $29,000 is waning.
• Cleveland Fed nowcasts are signaling escalating inflation pressures, with the crypto market anticipating a potential price upheaval.
Bitcoin Hash Rate Reaches All-Time High
Bitcoin’s hash rate has just hit an all-time high of 400 trillion hashes per second (Th/s). This record achievement indicates strength and potential stability in the network’s mining ecosystem. The surge in hash rates is indicative of an end to miner capitulation, suggesting that less-efficient miners are no longer exiting the market due to bearish prices.
US Treasury Yield Hits Highest Close Since 2008
The US 10Y treasury yields have reached their highest close since June 2008, while Bitcoin support at $29,000 is waning. This could signal a shift towards higher interest rates and a strengthening USD relative to other currencies which could adversely affect the cryptocurrency market as a whole.
Cleveland Federal Reserve Predicts Inflation Pressure
The Cleveland Federal Reserve nowcasts are signaling escalating inflation pressures which could further exacerbate market volatility for cryptocurrencies like Bitcoin. As such, investors should be aware that there may be further price upheavals on the horizon as the overall macroeconomic environment shifts towards higher inflation levels.
Short-Term Investors Exiting Crypto Market
The recent bearish trend in the crypto markets has led to short-term investors exiting en masse due to mounting losses incurred from positions taken over recent months. With this trend expected to continue as long as the macroeconomic environment remains uncertain, long-term investors may want to consider diversifying their portfolios into more stable assets such as gold or silver instead of overly risky digital assets like Bitcoin and altcoins.