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Rising Hashrate Signals End of Bitcoin Capitulation; Price Eyeing $10K-Retest

▪ Bitcoin hashrate jumped 23 percent since May 26, signaling more miners are resuming operations on the cryptocurrency’s blockchain network.
 ▪ The rally also continued as Bitcoin’s mining difficulty dropped by over 9 percent on June 4.
 ▪ The rising hashrate indicates a slowdown in miner capitulation, which could assist in sending the bitcoin price higher towards $10,000.

The Bitcoin hashrate rose to near 111.43 Exahash per second on Monday, its highest level in the last three weeks.

The surge appeared as the cryptocurrency’s mining difficulty adjustment dropped by 9 percent on June 4. The bimonthly event helped miners, who had shut down their machines after halving, to rejoin the network. That further resulted in faster mining on the Bitcoin blockchain, with each block validation taking less than 10 minutes.