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.
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.
Hashrate continues to decline pic.twitter.com/1aq6D6ySEL
— Unfolded (@cryptounfolded) March 22, 2020
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.
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.