Bitcoin continues to rise. Today (February 16) the Bitcoin price increased by 4.59% and moved at $44,147.78.
Bitcoin’s positive moves this morning came after the Dow Jones rose 422 points. The rebound came after 3 consecutive days of declines.
- The Dow Jones Industrial Average rose 422.67 points, or 1.22%, to close at 34,988.84.
- The S&P 500 rose 69.40 points, or 1.58%, to close at 4,471.07.
- The NASDAQ rose 348.84 points, or 2.53%, to close at 14,139.76.
In addition, Bitcoin’s turnaround could be due to Bitcoin’s hash rate reaching a new all-time high.
The bitcoin hash rate reached a new all-time high of 248.11 exa hashes per second.
As the mining rate increases, the Bitcoin hash rate is growing exponentially at the moment. The hash rate has increased significantly in the last 7 days, even the current bear market can’t change that.
This suggests that crypto mining activity continues to get a lot of attention. Bitcoin network is benefiting from this because the more computing units that participate in the system, the more secure it becomes.
The bitcoin hash rate has steadily recovered since July 2021 after the Chinese government announced its crypto mining ban, prompting miners to migrate to more mining-friendly countries. The main Bitcoin mining country has now become the US.
The Spot Market is Open
Wednesday, February 16, 2022