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    Bitcoin Mining Difficulty and Hashrate Surge, Is Crypto Market Recovering?

    Bitcoin mining difficulty since the biggest drop after China’s BTC mining ban has jumped to $21,200 in the second week of 2023, recording an impressive increase of 10.26%. 

    Bitcoin mining difficulty (Source: BTC.com)

    Moreover, the Bitcoin hashrate has also surged by 20% to a new historic high on January 12, 2023, the second time the hashrate has risen to a new ATH in the past week.

    Bitcoin hashrate (Source: BTC.com)

    The impressive acceleration of mining difficulty and hashrate probably comes from the fact that investor confidence has been reinforced after the shares of Bitcoin mining companies recovered strongly right at the time when the US stock market (SP500 and Nasdaq) recorded a historic long rally with 5 consecutive green sessions.

    Followed by the spike, there was also a week filled with joy, without any significant downside correction, which seems to have never happened during the 2022 “crypto winter”. 

    At the time of writing, BTC maintains a strong upward momentum, hitting a 24-hour high at $21,439 and trading around $21,216.

    BTC/USDT 1D price chart (Source: Binance)

    Bitcoin’s growth has pushed the entire market cap to nearly $1 trillion after a three-month hiatus since the November 2022 FTX crash.

    Total crypto market capitalization (Source: CoinMarketCap)

    All other altcoins also recorded impressive gains over the past week, bouncing above the lows set in June 2022 – the time when BTC first plunged to $17,500 due to the collapse of LUNA/UST, such as Ethereum trading above $1550 or BNB above $300.

    Top cryptocurrencies price movement on January 16, 2023 (Source: Coin360)

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