Bitcoin (BTC) seems to be weathering the coronavirus COVID-19 storm and is starting to rise again after recently crashing terribly. The world’s number one asset recently rose past $6,000, erasing recent losses.
At the moment, Bitcoin is trading at $6,404 after climbing almost 8% in the last 24 hours. Specifically, the top 10 assets have all posted gains in the same period. Ether (ETH) is up 5.26% at $131.97, with XRP up 3.42%, trading at $0.1577.
Bitcoin’s rise could probably be traced to efforts from the United States Federal Reserve to save the economy as markets all over the world continue to plunge. The Fed recently announced an injection of $300 billion as a plan to breathe life into markets and improve general liquidity.
Bitcoin seems quite bullish and rose as high as $6,600 before retracing. Bitcoin did print an impressive green candle, and its trajectory seemed quite positive. However, it has not crossed $6,800, a significant resistance level.
According to a recent report, Bitcoin’s hash rate has dropped. The hash rate posted new highs as February ended, but has now crashed over 40% recently.
There is also the chance that the upcoming Bitcoin halving could be delayed. The recent crash in price discouraged miners, causing a lot of them to pause mining activity. This has slowed the average block time to 14 minutes from 8 minutes, spurring the fear of a halving delay.
Image Credits: Pixabay