Hey Wolf đź‘‹
Why isn’t the #bitcoin price following the Hashrate
Gday chief. Well that’s a great question, Hashrate briefly hit 600EHs only a few weeks ago
Brutal!!! Brutal amount of new power from existing and new players
In the past this was as reliable as the Sun rising with a slight!!! Delay as in months not years
Sadly the futures market has created 3-5 million #bitcoin that people hold on exchanges… this allows quite a lot of funds to not find physical supply
This can’t effect the MarketCap with no on chain price discovery (coins need to move on chain at the price you paid to count)
So this is no longer a reliable metric
All I can say is that everybody is mining bitcoin like crazy, in a very renewable way, with a halving coming up at this price will bankrupt them all bar a few…. So unless they know Bitcoin is going to 70-100k pretty quick I’d say they are either stupid or prepared
Work off that, other than that bitcoiners no longer control the market so…. Can’t give you anything that certain anymore
Will it go up forever? It’s no longer up to us. It was but we took to long and allowed the fiat bridge to play fiat games….
So… act accordingly
Other than that Bitcoin is unpredictable