Bitcoin hashrate hits record high after spot ETF approval

A historic week is behind us on the cryptocurrency markets, following the commission SEC approved on Wednesday bitcoin spot ETF, concluding a decade-long process.

In terms of prices, Bitcoin has proven volatile. The $49 level was tested for the first time in two years on the first day of spot ETF trading (Thursday), and then fell to $000 where it ended the week.

Bitcoin is currently trading at $42 on eToro, but with rails allowing institutional investors to gain exposure to bitcoin through a regulated instrument, we can expect 400 to be an explosive year.

Interestingly, Ethereum saw better results after the SEC announcement and are now up 7%. relative to Bitcoin (as indicated by the ETH/BTC trading pair) since the ETF was approved. Perhaps this is a sign that the market sees it as the next cryptocurrency to get a spot ETF application approved, considering it is the second largest token by market cap and ethereum futures ETFs are already approved and accessible.

While a quieter week awaits in the crypto world - some might argue a much-needed breather - with the approval of the bitcoin spot ETF application, attention will now turn to the upcoming block reward halving, currently scheduled 97 days away - on April 22 2024

In the past, a halving marked the beginning of another bitcoin bull market. The block reward will drop from 6,25 BTC to 3,125 BTC, and bitcoin's annual inflation rate will drop from approximately 1,7%. to approximately 0,85 percent, below 1 percent for the first time.

Stablecoin issuer Circle Internet files for IPO

Circle, the company behind with stablecoin USDC, filed for an IPO. USDC is currently the second largest stablecoin in the cryptocurrency ecosystem with a market capitalization of approximately $25 billion.

The number of shares offered and the price range of the proposed offering have not yet been determined. The IPO is expected to take place upon completion of the SEC's review process, subject to market and other conditions.

Bitcoin hashrate hits record high after spot ETF approval

Bitcoin hashrate reached a record level of 630 EH/s (a unit expressing the computing power of the blockchain network). This happened on January 11, after the SEC's long-awaited announcement.

Since China curtailed mining in mid-2021, hashrate Bitcoin continues to grow, remaining independent of market sentiment, strengthening itself as the safest cryptocurrency network and - probably - one of the safest computer networks in general.