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Bitcoin Hash Rate Doubles In 24 Hours Despite Market-Wide Drop

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The crypto news today show that despite the major drop which occurred yesterday, the Bitcoin hash rate seems to have doubled over the past day. The myths that the hash rate suffered a 40% drop this week are now gone and the most dominant cryptocurrency showed that there are new highs just days after these rumors.

According to data from the monitoring resource Coin Dance, the hash rate metric dipped from 104 quintillion hashes per second (h/s) to 57 on September 23, and it immediately reversed. On September 24, the Bitcoin news showed that the Bitcoin hash rate doubled, reaching 114 quintillion h/s which is just a touch away from the all-time highs of 121 quintillion h/s which were seen ten days before that.

As many sites noted, the commentators and analysts were initially scared when the hash rate dropped. The sudden exodus of computing power sparked alarm because of its link to the Bitcoin mining process. The feeling was shared by the cryptocurrency too – and the BTC/USD pair shed 15% a day later.

According to some commentators, the Bitcoin news updates which show a drop to $8,105 for the major cryptocurrency are only an after effect from the price action which is following the hash rate movements.

Nonetheless, some technical sources explained that the hash rate charts available online give little idea of the computing power involved in Bitcoin. As they explained, the hash rate is essentially unmeasurable and the statistics are simply a rough estimate.

Factors including slow block times can also affect the results, leading to ominous ones such as the week’s fake crash, as analysts noted. Nonetheless, the Bitcoin hash rate remains on its upward trajectory as it stands – and it is very close to all-time highs. This is a big contrast with the drop in price.

As a reminder, Bitcoin managed to shed 21% of its price compared to the price from a week ago. The cryptocurrency has lost around 4% on the day alone and its market cap shed to $146 billion. This also affected the BTC dominance which is now at 68% – as well as the total market cap which now stands at $214 billion.

The only positive indicator is the 24 hour volume which right now shows $68 billion was traded.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Bitcoin News

BTC Price Bull Run May Last 1,000 Days, 2020 Is Best Average Year

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Bitcoin is now worth more in 2020 than any other year it has existed. This fact coupled with historical data suggests that the price of the leading coin will continue climbing for another 19 months. The data uploaded to Twitter by the fund partner James Todaro on February 21 shows that this BTC price bull run may last 1,000 days and in terms of volume-weighted average price, 2020 is the best year ever. https://twitter.com/JamesTodaroMD/status/1230935168715776000 The volume-weighted average is an indicator in the Bitcoin news which calculates the Bitcoin price over a certain period as a ratio on the basis of trading. For 2020, the average for BTC/USD is $9,120 as per Todaro's calculations. This is way higher than even 2017 when the pair reached its current all time high of $20,000. For that year, the volume-weighted average was $6,125. Curiously, this metric produces a higher value for 2018 despite this being the year when Bitcoin spent a lot of time in a near-constant bear market, bottoming out at $3,100. As we can see, 2018's average was $7,657. The BTC price bull run is expected by many who have been in trouble of making gains over the past years. 2019, for instance, was much more successful in terms of spot price but the Bitcoin volume-weighted average was a shade lower than in 2018.
“It strongly suggests that most of the money that moved into bitcoin in previous years would have profited in USD if they held bitcoin to present date,” Todaro commented when evaluating the findings.
Looking ahead, a BTC price bull run may also trigger the altcoin news and alternative currencies to rise. And data from previous bull runs paints an encouraging picture for the next year and a half. When analyzing the Bitcoin bull cycles, the investor and trader known as CryptoKea claimed that their length suggests that BTC will keep growing for around 570 days. Despite the fact that the markets dropped 8% last week, 2020 has been a good year for Bitcoin in terms of strength. Year to date, the BTC price bull run gains have produced 35% profits for investors. https://twitter.com/CryptoKea/status/1230925037026381826
“During the last two #Bitcoin bull cycles, price bottoms and tops fluctuated around halving dates in an almost equal ratio,” CryptoKea explained. “If this relationship were to hold true, we still have more than 570 days of bull market ahead of us, with a cycle top coming in around Sep 2021.”
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Crypto Education: Which Are The Leading Universities In 2020?

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If you are reading our cryptocurrency news daily, you probably know that 56% of the world's top 50 universities now offer at least one course on cryptocurrency or blockchain. This is a number that is up from 42% in 2018 - and something that shows that crypto education is getting mainstream. Twice as many students report having taken a crypto or blockchain course compared to the 2018 levels - and nearly 70% of the crypto and blockchain classes are in departments outside of computer science which include law, humanities and economics. Stats aside, are you wondering which are the actual leaders in crypto education out there? A report by Coinbase on Higher Education pictures all of the leaders and crypto classes from 2019. This is actually a second annual study which was carried out by the leading exchange which broadened their methodology, analyzing a more comprehensive set of determining factors. In order to access the current landscape of cryptocurrency in higher education, Coinbase reviewed the course catalogs of the top 50 global universities (rankings from US News And World Report) in a study that focused on classes available to undergraduate and graduate-level students in 2019 for which information was available online. Now, the list shows that the leaders in crypto education are the following:
  1. Cornell University
  2. Massachusetts Institute of Technology
  3. New York University
  4. Stanford University
  5. Ecole Polytechnique Federale of Lausanne
  6. University of California - Berkeley
  7. Columbia University
  8. Swiss Federal Institute of Technology Zurich
  9. University of Copenhagen
  10. National University of Singapore
Crypto education is getting more mainstream and these universities are changing the industry as we know it. Cornell, as the leading university, offers 14 classes on cryptocurrency and/or blockchain (up from 9 in 2018) and its IC3 group brings together researchers from top universities around the world. Stanford, which is fourth on this list, is a crypto education university which had the largest number of courses on crypto and blockchain (even 10) in 2018, followed by Cornell (9) and the University of Pennsylvania (6). In 2019, the numbers show that Stanford was offering 8 courses and the University of Pennsylvania offered 2 courses. Meanwhile, the focus on our Bitcoin and altcoin news shows that the student interest is also growing. Crypto and blockchain are looking like topics which students start liking very much - even 34% of them expressed interest in taking a course compared to 28% in 2018 as per the report.
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Major Airline Bets On Crypto Payments To Increase Profit

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Norwegian Airlines is the low-cost air carrier that is headquartered in Oslo, Norway and is the new major airline that bets on cryptocurrency payments to increase its profit. As the latest news show, Norwegian allows customers to pay for air tickets using cryptocurrency now and hopes that it will help improve results of the company. An interview with the CEO of the crypto exchange Norwegian Block Exchange (NBX) in the crypto news today suggests this. As per the interview which is published by the local business newspaper DN, the NBX boss Stig Kjos-Mathisen said that “everything is ready from our side" and that the major airline is now prepared for the long-awaited implementation of ticket purchases with crypto. The communications director at Norwegian, Lasse Sandaker-Nielsen, was a bit more hesitant to offer specifics and only said that the team is "working on a solution, but we don’t have anything concrete to report about a launch.” The implementation of a crypto payment solution is seen as a new attempt which can help the airline further cut costs and improve its profitability, preventing the financial difficulties of becoming higher. Ever since the father and founder of the airline Bjorn Kjos stepped down as CEO, the major airline has been in trouble in terms of financials. Meanwhile, the NBX CEO further explained that airlines right now pay 1.5% to 2.5% of the ticket price as a fee to credit card companies and that this cost is carried by the consumer. Meanwhile, tickets are bought 30 to 60 days before a trip is made but due to credit card companies that withhold the payments until the time of the departure, the major airline is forced to arrange costly financing from other sources in the meantime.
“Both of these costs will disappear with the implementation of crypto payments,” Kjos-Mathisen said, expressing some optimism on the potential for the payment solution. “If this ends up being cheaper for merchants, and easier and faster for consumers, it can get big. It’s impossible to say how big, but we will be a serious actor who is early in the game."
NBX now supports trading in BTC/USDC, ETH/USDC, ETH/BTC as well as fiat trading in Bitcoin/Norwegian kroner. It is regulated by the Norwegian Financial Supervisory Authority.
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BTC Price Fights The $9,600 Level One More Time

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The Bitcoin price news today show that the 'lighting Bitcoin' is still below $9,700 but is safely fighting off the $9,600 levels for one more time. On February 20, the price of the most dominant coin dropped by around 9% which was seen as a move that caught investors off guard. However, the BTC price fights the $9,600 level and does not let bears pull it beneath it. Before this, we saw Bitcoin trading at $10,200 and in that range. However, the situation backfired and the most dominant coin reversed. At the time, the ARK Invest analyst Yassine Elmandjra tweeted that the $1,000 price drop was the fifth largest correction to occur on the timeframe since 2017. https://twitter.com/yassineark/status/1230267176747229188?s=12 Ever since the sharp downside move, BTC price fights multiple levels. What is interesting is that everyone is trying to pinpoint the main source of the flash crash and a lot of analysts came with theories. The lighting Bitcoin which was seen above $10,200 is not here anymore and many are trying to locate the reason for that. A handful of theories have arisen in that manner and some attributed the drop in the cryptonews and the volatility now to the consecutive unplanned Binance exchange outages which halted trading on the platform and prevented traders from being able to log into their accounts. Other analysts like filbfilb said that there is a shortage of Tether (USDT) at Binance which contributed to the current market conditions. In his Telegram-based channel, the analyst noted that this USDT shortage possibly shows that the majority of traders were in long positions, an observation which was supported by the decreasing pace of Bitcoin's momentum and the liquidation of $120 million leveraged longs at BitMEX. Regardless of the reasons for this, we can see how BTC price fights off new levels every day. The drop to $9,346 certainly shook a lot of investors from their Bitcoin and altcoin positions and the current state of the market is negatively impacting the investors' bullish sentiment. Still, many are choosing to wait and see how the situation will unfold and if there will be a clear signal that a bottom has been reached. At press time, the price of Bitcoin is at $9,667 with a 1% increase on the day.
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