Bitcoin

<ul><li>A CryptoQuant analyst believes that the stagnation of Bitcoin’s hashrate may be temporary.</li><li>The analyst stated that a higher hashrate indicated a higher intrinsic value of Bitcoin.</li><li>The analyst found that an increase in hashrate led to an increase in the selling pressure on BTC miners.</li></ul>An analyst from on-chain analytics firm CryptoQuant recently stated that the stagnation in Bitcoin’s hashrate may be temporary. The analyst, who goes by MAC.D on Twitter, suggested that the hashrate had a direct impact on Bitcoin miners and their BTC holdings.CryptoQuant took to Twitter earlier today to share MAC.D’s analysis of Bitcoin’s hashrate<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/7d5ad54adb894038a0a12ea7a44834c4.png" />According to MAC.D’s analysis, Bitcoin’s hashrate stagnated after it reached an all-time high of 448 million earlier this month. This was followed by a stall in the flagship cryptocurrency’s price rally which raised concerns about a potential correction in its price. This led to BTC miners cashing out in anticipation of a price drop.Speaking on BTC’s hashrate and its implications, the CryptoQuant analyst stated:“Ultimately, the increase in Bitcoin hashrate means that Bitcoin becomes a more difficult currency to supply. This means that BTC has a limited supply and a high production cost compared to fiat currencies as it is difficult to increase the supply arbitrarily.”Read full article at <a href="https://cryptotale.org/crypto-analyst-says-bitcoin-hashrate-stagnation-may-be-temporary/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Crypto Analyst Says Bitcoin Hashrate Stagnation May Be Temporary

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