11/11/2020, 7:18 PM (Source: TeleTrader)
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Bitcoin hits $16,000 first time since 2018

Bitcoin rallied over 4% on Wednesday to reach $16,000 for the first time since January 2018.

The world's most widespread cryptocurrency surged after Bitcoin's hash rate, which refers to the speed at which a computer is able to mine blocks, surged 30% from quarterly lows hit earlier this month. Last week, the Bitcoin hash rate dropped as miners took their machines offline to relocate them out of China's Sichuan province, where the wet season ended, in order to get access to cheaper power.

Minutes after hitting a daily high of $16,000, Bitcoin jumped 3.96% to sell for $15,945,12. at 1:26 pm ET. The digital currency climbed 12% over the past week and has gained over 120% since the start of the year.

Breaking the News / NP