Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Today in crypto: VanEck analysts say Bitcoin’s falling hashrate could be a boon for its price, JPMorgan is weighing crypto trading services for institutional clients and Metaplanet approved a capital structure overhaul to raise funds through dividend-paying preferred shares.
Bitcoin’s hashrate has fallen 4% over the month to Dec. 15, which VanEck analysts said in a report on Monday was due to Chinese miners shutting down and could be a positive sign for the cryptocurrency’s price in the months ahead as miner capitulation is “historically a bullish contrarian signal.”
“When hash rate compression persists over longer periods, positive forward returns tend to occur more often and with greater magnitude,” said VanEck crypto research lead Matt Sigel and senior investment analyst Patrick Bush.
