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Bitcoin hash ribbon metric falls for first time after FTX crash

                                                            Die Bitcoin Hash Ribbon-Metrik hatte einen guten Lauf, als es darauf ankam, eine Kaufgelegenheit zu signalisieren.

However, the recent downturn in the market triggered by the FTX crash has turned the tide.

  • As explained by Charles Edwards of Capriole Investments, the metric takes into account both BTC mining difficulty and hash rate to determine miner capitulation.
  • Since the former is readjusted every two weeks and the latter daily, there may be deviations in time. Because of this, Edwards advised people to look at the hash ribbon as a long-term model. The contribution reads,

“When the 1-month SMA of hash rate crosses Above After the 2-month hash rate SMA, the worst miner capitulation is usually over and the recovery has begun. Buying at these times brings incredible results.”

  • The price of BTC has increased by up to 4-digit percentages in several months after such a cross in the past.
  • So far, however, this has not been the case. Miner capitulation has been a hot topic in the community lately, especially since the formation of a death cross in late November.
  • Hence, CryptoQuant’s Dan Lim noted that “for the first time since the hash ribbon model’s golden cross, the dead cross came without Bitcoin’s price surge.”

Bitcoin hash ribbon metric falls for first time after FTX crash, Crypto Trading NewsBitcoin hash band. CryptoQuant

  • He attributed this to FTX’s massive and noisy collapse, which ultimately led to a notable price drop in BTC to a two-year low.
  • However, the declining hash rate as well as the expected drop in mining difficulties suggest that BTC could indeed be facing miner capitulation.

Source: Crypto News Deutsch

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