DeFI News by Thebittimes.Com

Bitcoin (BTC) metrics signal mixed sentiments amid the recent spike to $31,000. Notably, while the number of new addresses on the bitcoin network recently surged to a three -month high, a drop in fees to a four -month low might suggest decreasing network activity. On-chain data provider Glassnode revealed these metrics in two separate disclosures. According to the blockchain data resource, the number of new addresses on the bitcoin network recently skyrocketed to 20,360.  #Bitcoin $BTC Number of New Addresses (7d MA) just reached a 3-month high of 20,360.107 View metric:https://t.co/tDzY9Fl7QL pic.twitter.com/vu4qIBRUso — glassnode alerts (@glassnodealerts) July 11, 2023 The last time the network observed such many newly-added addresses over the seven-day moving average was in April. This metric indicates a significant increase in user activity and interest in the world’s leading cryptocurrency. You might also like: Arkham is allegedly privacy trafficking...

Analysts are speculating that the Bitcoin hash rate has seen a big spike recently as miners come back online to reap the rewards of the BTC price hike. Bitcoin's (BTC) hash rate spiked to all-time highs of 398 exahash on March 23, and analysts have been speculating miners are starting to turn their rigs back on as the Bitcoin price rises. According to data aggregator YCharts the Bitcoin network hash rate has dropped to 344.63 as of March 27, an increase from 335.32 on March 26 but it is still up from 178.77 one year ago. In a March 26 post, Sam Wouters, a research analyst at Bitcoin (BTC) financial service provider River Financial, speculated the spike in hash rate is connected to unused mining inventory coming online, new facilities going live, and entrepreneurs finding cheap sources of mining. Bitcoin's hashrate touched 400 Exahash. At the current growth rate in 2023, we'd reach a Zettahash by the end of 2025. I'm getting questions and concerns from people. Where i...