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Bitcoin Revisits $13,800 Despite Plunging Hashrate

Tue, 3/11/2020 - 16:01
Bitcoin has pared its losses after rising above $13,800
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Bitcoin Revisits $13,800 Despite Plunging Hashrate
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Bitcoin, the top cryptocurrency by market cap, rose to an intraday high of $13,812 on the Bitstamp exchange.

After initially edging lower to $13,287, the top cryptocurrency has now reversed course.

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The cryptocurrency appears to be dancing to the tune of the upbeat U.S. stock market.

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Fading bullish momentum

The Bitcoin rally gained plenty of steam on Oct. 31, touching $14,100 for the first time since January 2018.

While the bulls did not hold onto all of these gains, Bitcoin still logged a historic monthly close on the Binance exchange.
   
Still, the failed attempt to decisively take out the 2019 high led to a deep pullback on Nov. 2, with BTC plunging to the $13,200 level.

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A historic difficulty adjustment

Bitcoin continues to grind higher in spite of a massive hashrate drop in October.

According to data provided by BitInfoCharts, it declined from its all-time high of 157.6 EH/s to 97.6 EH/s in less than a month.

As reported by U.Today, the hashrate started its precipitous plunge following the end of the rainy season in China's Sichuan province. The region is known as a major cryptocurrency mining hotbed.

Subsequently, Bitcoin's difficulty, 16.787 tln on Nov. 3, is the second largest negative adjustment in the network's entire history.

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