Central banks continue to wage war on inflation, last week the Fed increased its base interest rate by the biggest single hike in 28 years
After bitcoin moved even further into the red over the weekend, falling as low as $17.6k, it bounced back to around the $21.5k mark. Analysts point to growing fears that the world economy is on the brink of recession as central banks continue to wage war on inflation. Last week the Fed increased its base interest rate by 0.75% — the biggest single hike in 28 years — though this was largely anticipated by markets.
The 14-day moving average network hashrate is 213 EH/s, down slightly week-on-week and likely to fall further as the reality of depressed rewards sets in. Difficulty is set to fall 0.6% from 30.3T to 30.1T tomorrow. Having fallen as low as $0.08 over the weekend, yesterday's rally puts hash price at $0.09, just over 20% of where it stood in October 2021.