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According to the Cambridge Centre for Alternative Finance, by the end of August, US Bitcoin hashrate accounted for 35.4% of the total network, more than doubled from 16.8% at the end of April. Kazakhstan and Russia came in second and third. They accounted for 18.1% and 11% of Bitcoin hashrate, respectively, up 120.73% and 61.76% from 8.2% and 6.8% at the end of April. As a result of China’s policies, Bitcoin’s hashrate fell as much as about 38% in June, but rebounded 20% in July and August. China’s share of Bitcoin hashrate exceeded 75% in September 2019 and has now “effectively dropped to zero” due to policy reasons.
Bitcoin has touched $58,000, a new high for the month. Investors are increasingly turning to Bitcoin as a safe haven. Bitcoin has become an important part of their portfolio. Speculation this week that the SEC would approve a Bitcoin futures ETF product was the catalyst for another rally. Whether or not a Bitcoin ETF is approved does not change the fact that there will be more applications for Bitcoin ETFs in the future. In addition, according to on-chain data, Bitcoin miners and long-term holders are not currently seeing significant selling. With that being said, Bitcoin price still has the potential to hit $60,000.