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<ul><li>Hash ribbons essentially show market sentiments and are used by traders to predict the rise and fall of the price of <keyword id="6354947" type="General" weightage="20" keywordseo="bitcoin" source="Orion">Bitcoin</keyword>.</li><li>The overall hash rate for Bitcoin has been growing of late.</li><li>Experts have often said that the bear phase in the market wouldn’t last the way it did in 2019 this time.</li></ul>The crypto community has been split on how the market will move since it entered the current bear phase since after March this year. However, there may be evidence that the market is about to move into a bull run again. Blockchain analytics platform Glassnode has <a href="https://studio.glassnode.com/metrics?a=BTC&amp;category=Market%20Indicators&amp;ema=0&amp;m=indicators.HashRibbon&amp;mScl=lin&amp;resolution=1h&amp;s=1470894344&amp;u=1628574344&amp;zoom=1825">reported</a> a ‘<keyword id="970397" type="General" weightage="20" keywordseo="golden-cross" source="Orion">golden cross</keyword>’ between the 30-day and 60-day moving averages of Bitcoin’s <keyword id="11902282" type="General" weightage="20" keywordseo="hash-ribbon" source="Orion">hash ribbon</keyword>. <div type="image" title="Bitcoin hash ribbons" msid="85478986" hostid="261" caption="&amp;lt;p&amp;gt;Bitcoin hash ribbons&amp;lt;/p&amp;gt;"></div> A ‘golden’ cross occurs when the average value of an asset in the short term crosses that of its average value over the long term. In this case, the comparison between 30 and 60-day averages of <a href="https://coindcx.com/">Bitcoin’s</a> hash ribbon indicates that trading volumes are increasing substantially again. This is the same metric that was spotted ahead of the Bitcoin rallying in January 2019, January 2020, March 2020 and December 2020. <cmsannotation type="cmsannotation" annotationid="Breaking down the jargon" comment="subhead" text="Breaking down the jargon">Breaking down the jargon</cmsannotation> The concept of hash ribbons was created by Charles Edwards, Founder of Capriole Investments, a licensed asset management firm specialising in Bitcoin. The Bitcoin hash ribbon is a metric that’s based on the Bitcoin network’s hash rate. It basically indicates how much computing power is going into the Bitcoin Network at any given time. Computing power is what is required to authenticate transactions. And, growing computing power is a sign that miners are having to deal with more transactions, which — in turn — is a sign of increased trading volumes. <div type="ExtQuote" text="The Hash Ribbon is a market indicator that assumes that Bitcoin tends to reach a bottom when miners capitulate, i.e. when Bitcoin becomes too expensive to mine relative to the cost of mining." auname="Report by Glassnode."></div> Hash ribbons tell investors when the price of Bitcoin is expected to start growing, and a golden cross is an indicator of the same. Miners earn less during <keyword id="4948040" type="General" weightage="20" keywordseo="bitcoin-price" source="Orion">Bitcoin price</keyword> corrections and hence sell their own coins in order to raise capital. They also shut down machinery during these periods to save costs, which in turn reduces the overall hash rate of the network. In essence, the hash ribbons end up demonstrating the market sentiments, giving experienced traders a way to predict the rise and fall of prices. And as it has been seen historically, when the trading volumes and price of Bitcoins grow, so do the price of other currencies. <cmsannotation type="cmsannotation" annotationid="A Bitcoin bull run may be in the making" comment="subhead" text="A Bitcoin bull run may be in the making">A Bitcoin bull run may be in the making</cmsannotation> Historically speaking, a golden cross like this is usually followed by a surge in prices of Bitcoin, meaning traders can start putting in their money in anticipation of the rise. The increase in hash rate reported by Glassnode could also be a sign that miners who were moving away from China have established a base elsewhere. Last week, five North American miners had <a href="https://www.businessinsider.in/investment/news/crypto-markets-are-recovering-and-mining-companies-in-north-america-are-raking-in-the-gains/articleshow/85237637.cms">witnessed</a> a 58% increase in the number of Bitcoins they mined between July and June. Marathon Digital, Riot Blockchain, Bitfarm, Argo Blockchain and Hut8 generated 1802 Bitcoins in June, capitalising a market trend that had originally started mid-May. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/cryptocurrency-solana-and-terra-price-increase-by-40-percent-in-48-hours/articleshow/85400795.cms">Solana and Terra have jumped by 40% over the last two days despite increased threat of hackers in the DeFi space</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/nfts-in-india-may-reportedly-face-double-taxation-with-both-gst-and-the-equalisation-levy/articleshow/85397893.cms">Buying NFTs may get more expensive for Indians as the government mulls over double taxation</a>

Another Bitcoin golden cross has been spotted — and it could mean a bull run is in the making

Welcome to 10 Things Before the <keyword id="11907548" type="UNKNOWN" weightage="60" keywordseo="opening-bell" source="Orion">Opening Bell</keyword>. If this was forwarded to you, <a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell">sign up here.</a> Plus, download Insider's app for news on the go - <a href="https://apps.apple.com/app/apple-store/id554260576?pt=385758&amp;ct=06292021_newsletters&amp;mt=8amp;mt=8">click here for iOS</a> and<a href="https://play.google.com/store/apps/details?id=com.freerange360.mpp.businessinsider"> here for Android</a>.Let's get into it.1. Global stocks are edging up after soft US data calmed fears of a Fed taper. The wait is on for Friday's monthly jobs report after private-sector hiring slowed, with the weakness seen a reason to keep stimulus measures in place. <a href="https://markets.businessinsider.com/news/stocks/stock-market-today-taper-fears-oil-price-opec-supply-plans-2021-9">Check out the latest on the markets</a>. 2. GameStop is more than big enough to enter the S&amp;P 500. The darling meme stock has surged to massive heights, though hurdles remain before it can be listed on the famed index. One obstacle is its lack of profitability - <a href="https://markets.businessinsider.com/news/stocks/gamestop-stock-sp500-inclusion-prospects-outlook-market-cap-profitable-quarters-2021-09">here's what else could prevent GameStop from making the cut.</a>3. By turning to real estate, investors can leverage inflation to their advantage, says BlackRock. The firm's real-assets division recently rolled out a guide to investing in real estate, infrastructure, and equipment. <a href="https://www.businessinsider.com/real-estate-investing-strategy-inflation-protection-ideas-blackrock-2021-8">Here are 8 things BlackRock recommends for filling out your portfolio.</a>4. Earnings on deck: Broadcom, DocuSign, and Hewlett Packard Enterprise, all <a href="https://markets.businessinsider.com/earnings-calendar">reporting.</a> 5. One Bank of America indicator that measures investor sentiment is close to triggering a sell signal. The contrarian gauge of Wall Street sentiment is high, indicating that traders are getting overexuberant. The firm <a href="https://markets.businessinsider.com/news/stocks/bofa-sell-side-indicator-stocks-bullishness-returns-sp500-outlook-2021-9" target="_blank" rel="noopener">says the stock market has historically underperformed following such readings</a>.6. Zoom tumbled and Cathie Wood bought the dip. As the video-communication company slipped 17% on Tuesday, the famed stock-picker was busy snapping up $57 million worth of stock. <a href="https://markets.businessinsider.com/news/stocks/cathie-wood-zoom-stock-q2-earnings-buy-dip-ark-invest-2021-9">Get the full scoop on her latest bullish move on COVID-friendly companies. </a>7. Tom Lee from Fundstrat says weak economic data should keep the Fed committed to stimulus efforts - and he sees <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> rising. "We expect economic data to soften, but this will be viewed positively as it tilts the Fed dovish," he said. <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-weak-economic-data-prompt-fed-keep-stimulus-2021-9">Here's why this is a good sign for financial markets</a>.8. Apple can keep surging well past record highs, says technical analyst. Shares of the tech giant still have 10% upside potential. <a href="https://markets.businessinsider.com/news/stocks/apple-stock-price-upside-potential-technical-analyst-katie-stockton-2021-9">Katie Stockton breaks down her bullish price target for Apple.</a>9. The trader known as the 'Wolf of All Streets' is extremely bullish on crypto and altcoins. Scott Melker's portfolio is 70% bitcoin and ethereum, and the rest is a mix of other digital assets. <a href="https://www.businessinsider.com/altcoins-to-invest-in-crypto-largest-upside-opportunity-generation-melker-2021-9">Find out why he thinks investing in crypto now is the largest upside opportunity of our generation. </a>10. The creator of Hash Ribbons lays out how bitcoin could reach $100,000. Charles Edwards says increased retail interest can help the currency reach new highs this year. <a href="https://www.businessinsider.com/crypto-price-prediction-bitcoin-100k-hash-ribbons-metrics-charles-edwards-2021-9">Edwards shared the 4 metrics he uses to make sense of the crypto market.</a>Compiled by Phil Rosen. Feedback? Email <a href="mailto:prosen@insider.com">prosen@insider.com</a> or tweet <a href="https://twitter.com/philrosenn">@philrosenn</a>.Sign up for <a href="https://www.businessinsider.com/subscription/newsletter">more Insider newsletters here</a>.

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<ul><li>Vietnam’s market had seen a drop in sales of <keyword id="6289215" type="General" weightage="20" keywordseo="crypto-mining" source="Orion">crypto mining</keyword> rigs earlier this year, but is seeing a resurgence now.</li><li>The local vendors and investors attribute the rise in sales to increase in prices across the <keyword id="5290028" type="General" weightage="20" keywordseo="cryptocurrency-market" source="Orion">cryptocurrency market</keyword>.</li><li>While many locals continue to buy Bitcoin and other cryptocurrencies as investments, it is illegal in the country to use private digital currencies as payment.</li></ul>The rise in Bitcoin’s price to above the long awaited $52,000 threshold isn’t just making investors money. It’s also a boon for the companies selling <keyword id="6357017" type="General" weightage="20" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> mining rigs — specialised mining equipment — to Vietnam, where regulation around the new financial asset is still in the works. The country, which is one of the hubs for <keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">crypto</keyword> mining around the world, is seeing cryptocurrency mining returning ‘with a vengeance’ after the rally, according to Quang Thuan, a local mining rig shop owner. He told local news agency <a href="https://e.vnexpress.net/news/business/economy/cryptocurrency-mining-rigs-back-in-demand-as-bitcoin-recovers-4351988.html">VnExpress</a> that sales in September have tripled as compared to last month alongside the rise in Bitcoin’s price — at least at his shop in Ho Chi Minh City, Vietnam’s capital. <div type="image" title="BTC_3M_graph_coinmarketcap." msid="86003345" hostid="261" caption="&amp;lt;p&amp;gt;Bitcoin&amp;#39;s price over last three months&amp;lt;/p&amp;gt;"></div> Multiple individuals from the local <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">crypto mining</a> community added that the overall computing power being put towards mining Bitcoin and other currencies has increased. The world’s most valuable cryptocurrency hit the $50,000 price tag around the middle of August and has been surging since, albeit not at 2020 levels. At 1:10 pm Indian Standard Time (IST) , the currency was <a href="https://coinmarketcap.com/currencies/bitcoin/">priced</a> at $52,380.12. <cmsannotation type="cmsannotation" annotationid="Vietnam’s crypto mining boom is happening despite regulatory gray zones" comment="subhead" text="Vietnam’s crypto mining boom is happening despite regulatory gray zones">Vietnam’s crypto mining boom is happening despite regulatory gray zones</cmsannotation> The trend, to be fair, isn’t particularly unsurprising. Research firm Finder recently <a href="https://www.businessinsider.in/cryptocurrency/news/one-third-of-indians-hold-cryptocurrencies-and-youngsters-are-leading-the-charge/articleshow/85364856.cms">reported</a> that Vietnam had the largest percentage of crypto ownership around the world. The country was followed by others like Indonesia, India, Malaysia and Philippines. But, of the top five, Vietnam was the only country that had a history in crypto mining. Back in 2017, the country imported more than 7,000 rigs. Ironically, most of the rigs came from China. Currently, the use of cryptocurrencies to make purchases is illegal in the country.The central bank has repeatedly issued warnings that investing in cryptocurrencies increases the risk of falling prey to pyramid schemes and other scams. <div type="ExtQuote" text="“The use of Bitcoin as a means of payment in Vietnam is a violation of the law and may be subject to administrative or criminal sanctions.”" auname="Warning statement by the State Bank of Vietnam"></div> The locals, however, still choose to invest in various cryptocurrencies from Bitcoin to Chia coin. In February this year, during the pandemic, many internet cafes in the capital city switched over to cryptocurrency minings with footfall dropping drastically. <cmsannotation type="cmsannotation" annotationid="Bitcoin is playing hard to get again" comment="subhead" text="Bitcoin is playing hard to get again">Bitcoin is playing hard to get again</cmsannotation> After China’s clampdown on cryptocurrency mining across select provinces in the country, it had temporarily gotten easier to mine for Bitcoin. There were less people on the network, so Bitcoin adjusted its ‘hashrate’ to make itself easier and more profitable to mine. However, by August, the free ride was over. During the scheduled bi-weekly update, Bitcoin reset how tough it is for miners to mine — making it more difficult by 7.3%. This was the first signal that some of the miners that used to be in China are starting to settle into their homes overseas. Currently, the network difficulty stands at 17.615 terahash (t) — around halfway between the 25.046t highs of May and 13.673t lows of July. <cmsannotation type="cmsannotation" annotationid="Others are betting to gain from China’s loss" comment="subhead" text="Others are betting to gain from China’s loss">Others are betting to gain from China’s loss</cmsannotation> Crypto miners, many of whom used to be based in China till even the early months this year, had started moving out of the country around April. The Chinese government’s crackdowns on the mining industry have been well documented, and have also led to a rise in revenues for mining farms in North America. Revenue reports from firms like <a href="https://www.businessinsider.in/cryptocurrency/news/chinas-crackdown-on-crypto-slashed-competition-for-north-american-bitcoin-miners-and-earnings-are-soaring-to-record-highs-as-a-result/articleshow/85716028.cms">Bitfarms</a> in Canada, have shown as much as 29% between the months of April to June this year. With a crypto bull run expected again, it’s likely that the sale of rigs in these countries will increase too. The California-based tech giant Nvidia missed its targets for GPUs designed specifically for crypto mining. It’s hoping to get out of the slump with Bitcoin crossing $53,000. <cmsannotation type="cmsannotation" annotationid="Multiple reasons to hope for a bull run" comment="subhead" text="Multiple reasons to hope for a bull run">Multiple reasons to hope for a bull run</cmsannotation> On August 20, blockchain-analytics platform Glassnode had <a href="https://www.businessinsider.in/investment/news/the-bitcoin-indicator-that-signaled-a-bull-run-the-last-four-rallies-has-been-spotted-again/articleshow/85478984.cms">reported</a> that a ‘golden cross’ between the 30-day and 60-day moving averages of Bitcoin’s hash ribbon was incoming, raising expectations of a bull run. A golden cross occurs when the average value of an asset in the short term crosses that of its average value in the long term. Other than Bitcoin’s rising prices though, the crypto industry has other reasons to be hopeful. Ethereum’s recent London Hard Fork, an update that rolled out early last month, and brought a new form of mining to <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">Ethereum</a>, is expected to bolster use for the token. Similarly, popular token Cardano also introduced proof-of-stake mining with an update recently. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-solana-cardano-and-other-top-cryptocurrencies-to-watch-out-for-today/slidelist/85999128.cms">Bitcoin, Solana, Cardano and other top cryptocurrencies to watch out for today</a> <a href="https://www.businessinsider.in/cryptocurrency/news/ethereums-daily-issuance-just-went-negative-for-the-first-time-following-the-network-overhaul-that-burns-coins/articleshow/85981171.cms">Ethereum's daily issuance just went negative for the first time, following the network overhaul that burns coins</a> <a href="https://www.businessinsider.in/cryptocurrency/news/crypto-exchange-ftx-quickly-starts-charging-users-500-to-mint-their-own-nfts-after-being-spammed-with-images-of-fish/articleshow/85980312.cms">Crypto exchange FTX quickly starts charging users $500 to mint their own NFTs after being spammed with images of fish</a>

Crypto mining rigs selling with a ‘vengeance’ in Vietnam despite regulatory gray zones

I tried 40 of Trader Joe's holiday foods, and would buy at least 26 of them again

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Another Bitcoin golden cross has been spotted — and it could mean a bull run is in the making

BI India Bureau

10 things before the opening bell

Phil Rosen

Crypto mining rigs selling with a ‘vengeance’ in Vietnam despite regulatory gray zones

BI India Bureau

I tried 40 of Trader Joe's holiday foods, and would buy at least 26 of them again

Savanna Swain-Wilson

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