BTC Hash Rate Decline Slowing Down; Could Signal Bottom

IconCryptoNewsTerminal Staff10 Jul, 2024

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BTC Hash Rate Decline Slowing Down; Could Signal Bottom

The decline in the BTC hash rate is slowing down, according to cryptocurrency market analyst Jamie Coutts of Bloomberg Intelligence. This is a phenomenon that usually occurs when BTC hits the bottom and the decline reverses. However, the market is currently digesting excessive sales volume. The hash rate is a measure of the computational power being used to mine BTC. It is a key indicator of the health of the BTC network. A decline in the hash rate can indicate that miners are leaving the network, which could lead to a decrease in security. However, a slowing decline in the hash rate could be a sign that the market is bottoming out. This is because miners are less likely to leave the network when the price of BTC is low. It is important to note that the market is still digesting excessive sales volume. This could put downward pressure on the price of BTC in the short term. However, the slowing decline in the hash rate is a positive sign for the long term.

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