China Evergrande Group’s debt issue has led to the concern of the global investment markets and so thus the cryptocurrency markets.
The cryptocurrency market fell by more than 10% at the beginning of the week and this is due to the fund withdrawal from Coinbase exchange in the US.
Though the market was concerned about Evergrande Group issue, its negative impact on the cryptocurrency market did not last long and there was a rebound in the middle of the week.
News about the US Federal Reserve (Fed) would hold the interest rate steady at the FOMC meeting also brought to a rebound on the cryptocurrency markets.
Major currencies such as Bitcoin and Ethereum show a rebound all at once.
Increase in Mining Difficulty
On the 21st, the government of Sichuan Province, China, where miners are concentrated, significantly surpassed (11,543 peta hashrate) of all-out cryptocurrency mining.
The Bitcoin hash rate is the sum of the computational power required to mine Bitcoin.
In other words, if the hash rate continues to rise, the Bitcoin supply will eventually decrease, so it is interpreted as a signal that the price will rise again.
The value of correlation may vary from -1 to 1. The closer the value gets to 1, the higher the two assets are associated and moving in the same direction. When it is closer to -1, it is vice versa. Zero in value means there is no correlation at all.
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