Crypto News Today: Boosting Investor Confidence in Bitcoin
The Bitcoin network hash rate has just hit 80 quintillion hashes per second, Robinhood has obtained a license to operate in the UK, and Coinbase is facing a negligence lawsuit.
A couple weeks ago, the United States Federal Reserve announced that it would cut interest rates and less than a week later China devalued its currency. The U.S. Treasury Department has officially designated China as a currency manipulator.
Economist and former Goldman Sachs executive Raoul Pal believes we are approaching a currency crisis and Bitcoin will thrive throughout. In a tweet, he stated “We are at the most important juncture in FX markets in my entire 30 year career. The dollar appears at risk of an uncontrolled rise.”
Bitcoin has shown to be increasingly non-correlated with traditional markets.
In addition, based on data from bit info chart, the Bitcoin network hash rate has surpassed 80 quintillion hashes per second for the first time. Hash rate refers to the amount of computing power used to validate Bitcoin transactions. The more power, the costlier it becomes for malicious actors to attack the network, therefore making the network stronger and boosting investor confidence.