CoinWarz shows the Bitcoin hash rate continues to explode, hitting a new all-time high of 270 EH/s on Monday before settling around the 220 EH/s today.
A rising Bitcoin hash rate indicates the number of miners on the network is growing. This is often taken as a measure of growing miners’ confidence in BTC.
Source: coinwarz.com
However, considering the looming threat of recession, some even say depression, do the miners know something we don’t?
Recession indicator flashes red
Satoshi Nakamoto created Bitcoin following the 2008 recession to address central bank currency debasement and create an alternative to the banking system.
As an alternative to TradFi, some assumed Bitcoin would act as a risk-off asset. Yet recent data from Bloomberg shows the correlation between the Nasdaq and BTC has never been higher. This suggests trouble ahead for crypto as stocks sink during recessions.
How likely is a recession? An often-used indicator of recession is the yield curve. Typically, long-term
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