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Bitcoin Hash Rate Growth Pushes BTC over $4,000, Binance and ‘Swiss Amazon’ Give a Hand Too

  • Yuri Molchan
    📰 News

    🎆🌠💸Bitcoin’s hash rate has undergone a big rise since November last year and along with events in Switzerland and Australia may have given BTC price a push upwards💹🔥


Bitcoin Hash Rate Growth Pushes BTC over $4,000, Binance and ‘Swiss Amazon’ Give a Hand Too
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On March 19, reports emerged saying that the BTC hash rate had spiked over 52 quintillion H/s. Among other things, this means that more new mining rigs have joined the network after a lot of other miners left in 2018, when they failed to make sufficient and regular profits.

However, experts believe that as Bitcoin’s hash power has risen, Bitcoin mining difficulty will increase within a few days too, giving the situation a proper balance.

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Positive sentiment returns

Currently, the security of the Bitcoin network seems to be at the highest level since late autumn 2018 and has reached a 4-month high – the higher a coin’s hash rate is, the more difficult it is to attack the network. At the moment, the security of the BTC network is coming close to the level it was on in August 2018 – around 62 mln TH/s.

A rise in the hash rate also means that miners are confident enough in the network since they are investing their money into the equipment, electricity bills and verifying operations.

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Binance and Galaxus are helping BTC to stay above $4,000

It was recently reported that Binance has launched a platform in Australia which allows regular customers to buy Bitcoin with fiat cash (AUD) in almost 1,300 newsagent stores. The platform is named Binance Lite Australia.

However, this will cost buyers 5 percent off a transaction as a fee along with having to pay the goods and services tax if they wish to buy BTC through the platform.

‘Swiss Amazon’ Galaxus now accepts crypto – Bitcoin, XRP, Binance Coin, Ethereum and several other tokens.

Experts believe that the rise in Bitcoin’s hash rate, as well as the activity of Binance in Australia and the turn of Galaxus towards crypto, may have helped Bitcoin to get over the $4,000 level and remain there still.

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Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader


Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader
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It’s been over two weeks since Bitcoin’s astronomical surge on Apr. 2, but new theories about what might have caused this bullish uptick continue to pop up. According to crypto-oriented analytical firm CoinMetrics, that epic surge was causes by a single trader.

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Mammoth-size trades

CoinMetrics claims that ‘a single committed trader’ concocted a plan to push the BTC price, and he successfully managed to do that by picking the time of the day when the global liquidity is at its lowest level.


(Source: CoinMetrics.io)

(Source: CoinMetrics.io)  

The report also suggests that the trader started to execute his plan on HitBTC (500,000 USDT were traded for Bitcoin prior to the price movement). After that, large trades were observed on Coinbase and Bitfinex.      

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Focusing on the future

Meanwhile, as reported by U.Today, another theory states that the rapid price surge was triggered by the expiration of the CME futures contracts and heavy spot and over-the-counter buying. One expert went as far as claiming that a simple April joke about the Securities Exchange Commission (SEC) could do the trick.

While no one is quite sure about what could have triggered the short-living rally, there is even a bigger disconnect when it comes to Bitcoin price predictions. While some share their bullish predictions for 2019, another report states that it could take 22 years for Bitcoin in order to match its current ATH of $20,000.

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