Bitcoin is stagnating, but the hash rate is pointing to recovery – and decentralization. Meanwhile, NEM manages to free itself from the summer slump. The market update.
The Bitcoin price continues to hover aimlessly in the range between 31,000 and 34,000 USD and the vast majority of Altcoins make no move to say goodbye to the summer slump. In a weekly comparison, both the crypto reserve currency and most of its epigones are printing red candles.
The New Economy Movement (NEM) is one of the few projects that buck the trend. His XEM token has seen significant price increases for a few days. At press time, XEM is trading at $ 0.143, around 17 percent higher than a week ago.
The price increase follows some positive news from the NEM ecosystem, mainly affecting the tokenization blockchain Symbol launched in March. On the one hand, the South Korean bitcoin exchange Bithumb announced the listing of the trading pair XYM / KRW on July 8th. XYM is the native asset of the Symbol Blockchain, with which NEM wants to conquer the security token market. In addition, Symbol will be part of Colombia’s first state-sponsored blockchain experiment room. That comes from a tweet from Pedro Gutierrez, NEM’s Latin America advisor.
The Colombian Ministry of Communications and Information Technology (MinTIC) is behind the initiative. You have to rely on Gutierrez’s word at the time of going to press because that Video, in which the new Blockchain Space is presented on Facebook, has not been released to the public.
Bitcoin Hash Rate is gradually recovering from the China shock
Meanwhile, Bitcoin is starting to recover from the China shock – at least as far as the hash rate is concerned. This posted a significant slump since the Chinese government stepped up its anti-mining campaign in May. Now the siren chants from the West, especially from the USA, seem slowly but surely to have an effect.
The 7-day average of the Bitcoin hash rate exceeded the 100 exahash per second (EH / s) mark again on July 15. This is evident from the data from Blockchain.com.
Of course, it remains to be seen whether this trend reversal will last. It is noticeable, however, that the recent recovery provides indications of an advancing geographical decentralization of the hash rate. In particular, the US-based mining pool foundry is increasingly securing a share of the total hash rate.
While Foundry has provided an average of 4.6 percent of the hash rate for the past three months, this proportion increases the closer you get to the present. In the past 30 days, Foundry has already torn around seven percent of the hash rate pie (diagram) under the nail.
The effects on the Bitcoin course are still a long time coming. BTC is still waiting for its cancer breakout. How chances are for bulls and bears and which technical levels need to be observed can be found in the current price analysis.