By Shelly Melancon (Switzerland)
Data from crypto analytic firms, CryptoQuant, and Glassnode agree that BTC’s hash rate is recovering healthily, but BTC miners are accumulating Bitcoin mining rigs. Hence, the top analysts from these firms predict that BTC is likely to surge past $48K soon. He said that despite China’s aggressive clampdown on crypto miners, BTC miners continue to buy mining rigs for almost three months now.
Crypto Miners Resume Work
CryptoQuant data further revealed that almost all China-based crypto mining companies have settled in other crypto-friendly regions like Kazakhstan and Canada. Hence, they have been responsible for the king coin’s bullish price action. A recent BitInfoCharts data revealed that as of yesterday, BTC’s hash rate has risen to about 132.3512E because miners have resumed verification of transactions almost fully.
One of CryptoQuant’s top analysts revealed that the miners’ ability to predict BTC price makes them “smart money speculators.” Also, they can’t make any significant profits without this ability.
The analyst further revealed that the miners’ projection of a BTC rally gave them the confidence to be buying mining equipment in the hopes of resuming working soonest. Also, the Glassnode chart trend has revealed a significant accumulation demand for the king coin.
Cryptoquant Bitcoin Hash Rate Tweet. Source: Twitter
Mayor Stewart Wants To Give Each Missouri Resident $1K Worth Of BTC
Missouri’s mayor has revealed its intention to gift each resident of the town $1K worth of BTC, provided they will hold it for the next five years. He made this revelation known during a media interview with a popular media channel. If those plans become real, Missouri will be the first in history to donate digital currencies to its citizens.
The mayor further revealed that it intends to educate the citizens about blockchain and cryptocurrency. The focus of the education will be on the usage and safe storage of these digital assets. Jayson revealed that he drew his inspiration from the transformed lives of some of his friends who became millionaires within a few years of holding cryptocurrencies and not trading on them.
Therefore, he is convinced that Missouri citizens can change the face of the town in the next few years, provided they don’t perform day trading on their cryptocurrencies. When asked how he intends to raise funds, he said he has some generous friends willing to fund this initiative.
He further said that even if each resident can’t get up to $1,000, they can get $500 BTC worth. But the mayor voiced concern that some residents won’t mind selling some of these coins to cater to personal needs before the five years. Then, he remarked that even if they sell it, they will regret their actions when the king coin starts selling for around $510K in the next few years.
Meanwhile, several analysts predict that Bitcoin will set a new peak price this year, but it won’t next month. Historically, the king coin often goes into price correction in September. On a few occasions when it didn’t, it only rose by marginal amounts.
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