Share this article
Bitcoin Steady Above $11,400 as Hashrate Reaches New High
Bitcoin's record hashrate indicates fundamentals are stronger than ever, according to Skew Markets.
Updated Sep 14, 2021, 10:09 a.m. Published Oct 14, 2020, 11:20 a.m.
Bitcoin is consolidating recent gains alongside a record hashrate that suggests high miner confidence in the cryptocurrency's price prospects.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- The top cryptocurrency is currently trading largely unchanged on the day near $11,400, CoinDesk data shows.
- Prices clocked a high of $11,723 on Monday, having crossed into bullish territory above $11,200 over the weekend.
- The bitcoin breather comes as seven-day average of the cryptocurrency's hashrate – a measure of the processing power dedicated to securing and recording blocks on the network – rose to a record high of 144.29 exahashes per second (EH/s) on Tuesday.
- That surpasses the previous peak of 143.19 EH/s observed on Sept. 18, according to data source Glassnode.
- Arcane Research said in a tweet the record hashrate is a sign bitcoin's fundamentals are stronger than ever.
- Hashrate has increased by nearly 40% this year, despite the "halving" event in May that cut miner rewards by half.
- A rising hashrate suggests increasing confidence among miners about the economic viability of operations – in effect, more mining machines are coming online as companies invest in the technology.
- Miners largely operate on cash and liquidate their BTC holdings to fund operations. As such, they are likely to dedicate more resources to the computer-intensive mining process if they are bullish on price.
- The options market is also aligned for a bullish move, as noted by crypto derivatives research firm Skew.
- Bitcoin's call options, or bullish bets, expiring in one, three, and six months are drawing higher prices than the put options, or bearish bets.
- Analysts expect the cryptocurrency to test the psychological hurdle of $12,000 in the near term.
- On the downside, support is seen at $11,000, followed by the February high of $10,500.
Also read: Bitcoin Eyes $12K Price After 6-Day Streak of Gains
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
Top Stories
