Bitcoin (BTC) Races Above $9,200 – “BTC Tsunami” Incoming: Potential Trigger

Bitcoin (BTC) surged a lot since yesterday and this race tool the most important digital asset in the crypto space at the price of $9,247.86 at the moment on CoinMarketCap. All coins are up and trading in the green.

BTC hash rate is near the all-time high

The price is still rising, and it’s also been reported that BTC’s hash rate is near an all-time high, according to the latest numbers that can be seen at Blockchain.com.

This is a vital sign that shows the fact that the BTC network is thriving and the number of miners is growing.

The hash rate shows the amount of energy and computing power that’s being used to power BTC.

The higher the number, the stronger the overall security of the blockchain.

BTC “tsunami” is coming

Analysts’ predictions regarding the most important crypto in the space are getting more and more bullish.

Crypto Thies, who is a famous analyst with 23k followers, said that a Bitcoin “tsunami” is approaching and his next target is $9,400, as reported by the Daily Hodl.

A potential trigger of the BTC race

Alex Kryger said that the reason for this massive race might be the fact that Binance is banning US traders and this is definitely playing a role in this rally.

“In the short term, those exiting Binance.com, what asset do they use the most? => BTC. Even if it were not the main cause for the move, it gives larger players a perfect excuse to move the market. Other majors is stage #2, tied to re-balancing demand.”

As we already reported yesterday, Binance platform is gearing up to ban the citizens in the US from trading on the platform, but don’t freak out because there’s a catch. The platform promises much wider crypto trading opportunities later.

Changpeng Zhao posted on Twitter a couple of days ago about this and he warned users about some short-term “pain” that are coming but which will eventually turn out to be “long-term gain.”


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

2395 Articles

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