Weekly Newsletter
18 Jan 2022

Investors Continue To Heed Caution

Markets digest prospective US Federal Reserve rate hikes, with money flowing out of risk-on assets into safe-havens.

Investors continue to heed caution as markets digest prospective US Federal Reserve rate hikes, with money flowing out of risk-on assets into safe-havens. Two asset classes in particular, equities and crypto, have shouldered the burden: Nasdaq-100 is down more than 5% and bitcoin more than 10% since the story emerged at the start of the year. The correlation between bitcoin and the S&P 500 is up to 0.44, the highest it’s been since 2020, as the two asset classes react to developments in tandem. Currently at $41.7k, bitcoin’s value has struggled to garner any positive momentum and stands roughly 40% lower than November’s $69k top — despite 40-year high inflation, a should-be boost for the allegedly inflation-hedged asset.

Network hashrate keeps to its upwards trajectory, twice breaking 200 EH/s as its 14-day average registers an all-time high of 186 EH/s. This is a rate driven, in part, by the continued commissioning of new institutional-scale sites across North America. Bitcoin blockchain difficulty is forecast to increase by 6.5% to a new all-time high of 25.9T, finally eclipsing May’s previous 25.0T best. Hash price is still around the $0.22 mark, representing levels last seen in June before difficulty collapsed following the China crackdown, as stagnant bitcoin price continues to induce subdued profits. Happy mining!

Network Metrics

Lake Parime Bitcoin Network Metrics 2022-01-18T14:02:43.916Z

Mining Hardware Price Update

Lake Parime ASIC Machine Prices (Blurred)
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