Bitcoin Cash

Bitcoin

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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-cash-hashrate-rises-unexpectedly" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Cash Hashrate Rises Unexpectedly</a><br></p>
<p style="text-align: justify">The leading cryptocurrency suffered a significant disruption recently, causing altcoins to experience even worse conditions. After the recent price drop, some <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a> who bought the dip faced losses, with three-month declines exceeding 50% for certain cryptocurrencies. Nevertheless, one prominent altcoin, <a href="https://en.bitcoinhaber.net/bitcoin-surpasses-70000-mark-3" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> Cash (BCH), is displaying intriguing signals despite reaching a three-month low.</p>
<h2 id="what-s-driving-the-hashrate-increase">What’s Driving the Hashrate Increase?</h2>
<p style="text-align: justify">Bitcoin Cash’s price fell to a three-month low and is at risk of further declines. Conversely, there was a notable surge in mining power, as reported by CoinWarz, which indicated that the hashrate rose to 8.54 ExaHash (EH/s). The last comparable level was in November 2018, when it reached 7.79 EH/s. Despite the price drop, the mining difficulty has hit an all-time high, suggesting stronger network security. Although this increased miner interest should signal a bullish outlook for Bitcoin Cash, prevailing negative market sentiment has disrupted this balance.</p>
<h2 id="why-are-miners-focusing-on-bch">Why Are Miners Focusing on BCH?</h2>
<p style="text-align: justify">Analysis from The Bitcoin Cash Podcast attributes the increase in hashrate to a miner named Pheonix, who continues to strengthen operations while holding a significant portion of the newly minted BCH. This substantial acquisition of coins indicates a bullish stance on BCH trading. The disappearance of profitability for many <a href="https://newslinker.co" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">devices</a> due to the BTC halving has led to anticipated interest in alternative networks, but the intense demand for BCH remains surprising.</p>
<h2 id="key-insights">Key Insights</h2>
<p style="text-align: justify"><b>Strategic Takeaways:</b></p>
<ul>
 <li>Bitcoin Cash’s hashrate has increased unexpectedly amid a significant price drop.</li>
 <li>Recent miner interest suggests a potentially bullish signal for BCH.</li>
 <li>BCH’s price performance shows a strong correlation with Bitcoin’s chart.</li>
</ul>
<p style="text-align: justify">The BCH price is currently at $357, having lost more than 5% in the last 24 hours. Similar to other altcoins, BCH’s price trends closely follow Bitcoin’s chart, with a positive correlation of 0.9 according to IntoTheBlock data. The death cross formation observed post-testing $476 on June 10 and the loss of $423 support increases the risk of further decline to $317.79. However, if Bitcoin can reclaim $60,000, BCH could see a rebound to $415.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-cash-hashrate-rises-unexpectedly" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Cash Hashrate Rises Unexpectedly</a></h5>

Bitcoin Cash Hashrate Rises Unexpectedly

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