Key takeaways:
- This is the first time the cryptocurrency has been above $60,000 since April, and the increase might be linked to Google search trends.
- The majority of Bitcoin hashrate in the United States is concentrated in New York, Kazakhstan and Russia ranked second and third after China’s withdrawal.
- Therefore, the recently the Google search trends align with bitcoin price.
Bitcoin is up to its old ways once more. For the first time in six months, the original cryptocurrency went above the $60,000 barrier over the weekend, reaching a high of $62,600. At the time of writing, the price of Bitcoin is $62,300, which is close to breaking the psychological barrier of $60K, which would bring it closer to the all-time high of $64,800 set on April 14.
Given the steadily increasing nature of the dominant cryptocurrency, this milestone has been recently achieved with the credit being given to BTC’s positive correlation with google search trends.
@intotheblock, a data analytics firm, explained:
“The correlation between Google search trends for “Bitcoin search trends” and BTC’s price has climbed to 0.91, indicating a very strong correlation.”
Bitcoin fell to $30K in May as Chinese authorities tightened their grip on cryptocurrency mining. The founder of Capriole Investments, Charles Edwards (@caprioleio), believes that institutional financial investments have played a key role in Bitcoin’s rise from $30,000 to $60,000. He also mentioned that retail’s worry of losing out will cause a jump from $60K to $100K. (worry of losing out).
The announcement that the SEC is poised to approve Bitcoin futures exchange-traded funds can be traced as another reason that sparked the increase on Friday (ETFs). Bitcoin futures will allow investors to bet on the price of Bitcoin without having to acquire any of the cryptocurrency, and they are expected to be less volatile than Bitcoin itself.Regardless, the fact that cryptocurrencies are being incorporated into the SEC’s structure boosted Bitcoin and other cryptocurrencies.
New York accounts for the majority of the hashrate in the United States:
As per a recent analysis by the Cambridge Centre for Alternative Finance, the United States was the top Bitcoin mining hub at the end of August, holding for 35.4 percent of the worldwide hash rate. The hashrate is a metric of the BTC network’s processing power. It allows computers to process and solve problems in order to authorise and confirm transactions across a network.
With the majority of Bitcoin’s hashrate moving to the United States, New York took the lead with 19.9%. Foundry USA, a digital asset company, stated:
“Within the U.S, 19.9% of Bitcoin’s hashrate is in New York, 18.7% in Kentucky, 17.3% in Georgia, and Texas accounts for 14%.”
Kazakhstan and Russia were ranked second and third, respectively, according to the research. On the other side, given that Bitcoin mining activities have become unacceptable on Chinese land, China’s supremacy, which peaked at 75% in 2019, has dropped to 0% as of July.
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