The largest cryptocurrency fell as much as 4.9% Thursday to $46,322, with other tokens including Ether retreating along with the Bloomberg Galaxy Crypto Index. The drop pared Bitcoin’s rally from a July 20 low to about 60%. John Bollinger, inventor of Bollinger bands, in a tweet suggested taking some profits or hedging. Katie Stockton at Fairlead Strategies cited DeMark market-timing indicators as flagging about two weeks of “sideways-to-lower” prices.
Bitcoin's hash rate is recovering from the Chinese government's crackdown on mining operations, according to data from Blockchain.com, which put the hash rate at approximately 127.26 million terahashes per second (TH/s) as of August 23. China used to be responsible for most of the computational power devoted to Bitcoin. In July, the Cambridge Centre for Alternative Finance said that China accounted for 46% of Bitcoin's hash rate. The U.S. had a 16.8% share; no other country managed to make even a double-digit contribution to the hash rate. With the mining difficulty back up, Bitcoin’s future is still uncertain.
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