What The Hash Rate Free Fall Means For The Bitcoin Market

Bitcoin Magazine

The below is an excerpt from a recent edition of the Deep Dive, Bitcoin Magazine‘s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

In last Thursday’s Daily Dive, we covered the hash ribbons indicator and what it meant for the price of bitcoin. Since that writeup, hash rate has fallen even more, and it seems that the exodus out of China is the catalyst.

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Since the beginning of May when hash rate was at an all time high, hash rate on the Bitcoin network has fallen by approximately 29.6%.

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