Bitcoin price sees big $400 surge in under an hour

The price of Bitcoin (BTC) has suddenly broken upwards through the $6,000 barrier—and is now at $6,300.

The surge came at exactly 12.00 UTC. Within 40 minutes, the price went from $5,850 to $6,250 before continuing to rise slightly, according to data from Messari. It is now back up to yesterday's highs.

BTC

+0.75%$104,908.93

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BTC price

This means Bitcoin's price is continuing its recovery from the price collapse on March 12. After seeing lows of $4,580, the price has increased by 37% during the last 11 days.

The rest of the market has yet to rise on Bitcoin's price action. Most coins are still in the red over the last 24 hours, although not as much as they were this morning. Ethereum (ETH) is down 0.69% and XRP, 1.39%.

Bitcoin's price surge has added $5 billion in market cap to the global crypto market cap. At the same time, Bitcoin's dominance has increased slightly from 65% to 65.5%.

Bitcoin miners however, are continuing to leave the network in droves. As Decrypt reported, the recent price halving has made mining unprofitable for many miners, especially in China. With the upcoming Bitcoin halving, conditions are looking bad for Bitcoin miners, as the below charts suggest.

Looking at Bitcoin's current hashrate—the computing power of all miners put together—we can see a clear decline. In fact, the hashrate has dropped 20% in the last couple of weeks.

 Bitcoin Halvening

How will Bitcoin's price crash affect the halving?

Traditionally, a Bitcoin (BTC) halving—when the supply of Bitcoin issued as mining rewards is cut in half—has been seen as a very bullish development for the cryptocurrency. The event, which happens only once every four years, is generally preceded, or followed by, a rise in the price. But 2020’s halving, due in 50 days, is a very different beast. The economic fallout caused by the coronavirus crisis has caught Bitcoin on the hop. Its price plunged 50%, from $9,000 to $4,500 last week, throwing...

Over in traditional markets, the Federal Reserve has said it will do whatever it takes to keep financial markets going. It has announced a series of programs designed to help businesses and prop-up the bond market.

The markets responded negatively to the news. The value of the dollar dropped and both European and Asian stocks are down, according to Bloomberg.

This seems to back up Coinbase's claim that Bitcoin and traditional markets aren't correlated after all.