Why Did Bitcoin (BTC) Hashrate Spike 10% in a Single Day?

Monicah W

Why did Bitcoin (BTC) Hashrate Spike 10% in a Single Day

The Bitcoin (BTC) hashrate often portrays the demand and potential price performance of the cryptocurrency. Interestingly, the hashrate spiked nearly 10% (9.91% to be exact) in the last 24 hours alone, signaling an important milestone happening in the crypto market. Let’s discuss why this is up and what it indicates for the BTC price.

Bitcoin Hashrate Spikes With Increasing Miner Confidence

According to Bitinforcharts, the Bitcoin hashrate surged 9.91% today and 23% in the last three days, reaching a high of 913 EH/s. A rising BTC hashrate is the direct indication of the increasing miners’ activity fueled by the confidence in the digital asset.

More importantly, it also suggests that mining equipment is getting deployed more, despite the earlier concerns of reduced mining activity due to halving. The Bitinforchart stats revealed that it has been constantly above 700 EH/s for the last three months.

BTC Hashrate

However, it has also reached occasional highs of 1,000 EH/s on a few events. Not only could this influence the security and decentralization of the blockchain network, but also the Bitcoin price to some level.

Bitcoin Price Consolidates Below $95k, What’s Next?

Bitcoin is currently trading at $94.6k, despite setting the ATH at $109.1k at the beginning of the year. Amid the Trump-China trade war, the BTC price suffered significantly before making a recovery in recent times. Experts cite the BlackRock $1 billion Bitcoin buying, ETF inflows, increasing adoption, and the BTC hashrate surge for the recovery.

The quiet Bitcoin crisis nobody’s ready for:

• Only 450 BTC mined per day
• BlackRock bought 12,490 in 48 hrs
• Morgan Stanley scooped 15,355
• $4B+ ETF inflows in just 8 days
• Arizona allocating 10% of state funds to BTC
• Hashrate up 17% this year

The liquidity is… pic.twitter.com/rt4Ysx384L

— ZarKa (@arkanicus) April 30, 2025

Although the investors’ rising confidence also confirmed with the Bitcoin hashrate spike, its rally is on hold due to the lack of a bullish catalyst. At present, it’s facing the mini $95k resistance and the psychological resistance at $100k. Once it overcomes this, crypto analysts confirm a bullish rally.

bitcoin price

Experts like Dave the Wave have predicted the BTC price hitting $200k by 2025 end. Recently, BitMex founder Arthur Hayes predicted Bitcoin to hit $1 million by $2028.

Overall, the Bitcoin price predictions indicate the bullish trajectory of the token despite the slumps.

The post Why Did Bitcoin (BTC) Hashrate Spike 10% in a Single Day? appeared first on CoinGape.

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Genius Group Forced to Liquidate Its Bitcoin Holdings, Here’s Why

Genius Group Forced to Liquidate Its Bitcoin Holdings, Here's Why

Genius Group, a Singapore-based education and technology company, must sell its Bitcoin holdings following a US court order. The decision is part of its legal dispute that has blocked the company from raising funds, issuing shares, or making further Bitcoin purchases. 

The Genius Group Lawsuit

In a major development, a United States court ruling has placed strict financial restrictions on Genius Group, preventing it from issuing shares or raising capital. 

The firm’s announcement shows that the American District Court for the Southern District of New York approved a preliminary injunction halting its ability to generate revenue through stock sales.

The dispute was a precedent from a collapsed agreement between Genius Group and Fatbrain AI. Genius attempted to cancel a deal with Fatbrain AI, leading to fraud accusations from shareholders and an SEC investigation. 

The legal dispute, as described by the firm, has now come with a Temporary Restraining Order (TRO), blocking access to investor funds and forcing the company to start selling its Bitcoin holdings.

Reports indicate that Moe and Ritz were accused of orchestrating a scheme to extort millions from Genius Group by misusing legal processes, including the Temporary Restraining Order (TRO) and Preliminary Injunction (PI). On February 14, 2025, they filed for a TRO and PI to prevent Genius from selling any shares, raising funds, or utilizing its $150 million ATM funding, specifically blocking the purchase of Bitcoin. 

As a result, the court placed a temporary restraining order on Genius Group, blocking access to investor funds and forcing the company to begin selling its Bitcoin holdings.

Unfortunately, Genius Group said its BTC reserves have dropped from 440 BTC to 430 BTC. If the legal battle continues, potential sales may follow. Since the ruling, Genius’ share price has dropped 53% from $0.47 to $0.22, and the Company’s market capitalization is currently 40% of the value of its Bitcoin Treasury.

Genius Group Bitcoin Pivot and Related Firms

Genius Group is one of the growing number of corporate institutions investing in Bitcoin. In November 2024, the Genius Group implemented a bold Bitcoin-first strategy, allocating Bitcoin as its treasury reserve asset.

Chief Executive Officer Roger James Hamilton has advocated for Bitcoin, positioning Genius Group as a Bitcoin-first company. The company adopted cryptocurrency as a financial strategy, borrowing MicroStrategy’s BTC playbook. 

Earlier, it approved a $33 million rights offering to buy BTC. However, the court order may force it to change its approach to Bitcoin acquisition.

Firms like Strategy, Metaplanet, and Tesla have added Bitcoin to their balance sheets, seeing it as a hedge against inflation and economic uncertainty. Strategy has been more aggressive with its Bitcoin acquisition campaign. Recently, MicroStrategy acquired 22,048 BTC for $1.92 billion at an average price of $86,969 per Bitcoin.

Should Pro-Bitcoin Firms be Concerned?

Meanwhile, the legal case against Genius Group raises concerns for other companies holding Bitcoin. 

While firms like MicroStrategy continue to accumulate Bitcoin, Genius Group’s case shows the legal risks involved. Many experts believe that as long as an organization adheres to the stipulated guidelines set by the authorities, there is nothing to fear regarding lawsuits. 

While this may not have been the case with the previous administration, the current US SEC leadership has maintained a largely pro-crypto stance.

The post Genius Group Forced to Liquidate Its Bitcoin Holdings, Here’s Why appeared first on CoinGape.

NEAR Price Hints Breakout As Bitwise Registers Near Protocol ETF

NEAR Price Hints Breakout As Bitwise Registers Near Protocol ETF

Asset manager Bitwise has moved to register a Near Protocol ETF in Delaware, a move that signals the firm’s intention to file for a NEAR ETF with the US Securities and Exchange Commission (SEC). The NEAR price is looking to break out following this development, with the altcoin already up over 5% on the day.

NEAR Price Eyes Breakout As Bitwise Registers ETF In Delaware

The NEAR price is eyeing a breakout as Bitwise looks to offer a Near Protocol ETF. State of Delaware data shows that Bitwise has registered a Near ETF with the Division of Corporations. The asset manager incorporated this fund on April 24 under the entity name ‘BITWISE NEAR ETF.’

This move is significant as it is usually the first step towards filing to offer a spot ETF with the US SEC. As such, the asset manager is likely to file the S-1 and 19b-4 forms for this Near ETF with the regulator next.

These filings will officially kickstart the process for the SEC to either deny or approve the fund. This ETF will provide institutional access to the Near Protocol ecosystem, which is bullish for the NEAR price as more capital flows into the altcoin.

Meanwhile, Bitwise has already filed for Solana, XRP, Dogecoin, and Aptos ETFs with the Commission, as it looks to expand its offerings beyond the Bitcoin and Ethereum ETFs. As CoinGape reported, the XRP and Solana ETFs are currently leading the race for a potential approval from the SEC. Both altcoins currently have futures markets, which puts them ahead of other altcoins.

However, the SEC has shown it is in no hurry to approve any of these ETFs, despite its more friendly stance towards the crypto industry under the new administration. The Commission recently delayed its decision on Grayscale’s Polkadot ETF filing.

While it remains unclear when Bitwise would file for the Near Protocol ETF with the SEC, this move is undoubtedly bullish for the NEAR price, which has already surged over 5% following the revelation of the Delaware registration.

The post NEAR Price Hints Breakout As Bitwise Registers Near Protocol ETF appeared first on CoinGape.

Pi Network (PI) Breakout Above $2 in Jeopardy as Selling Pressure Increases

Pi Network (PI) has been consolidating after hitting new highs in late February, with technical indicators showing mixed signals. The DMI chart suggests that sellers are attempting to maintain control, as the +DI has dropped while the -DI is rising, signaling increasing bearish momentum.

Meanwhile, the RSI remains neutral, fluctuating between 45 and 55, indicating a lack of strong directional movement. If a strong uptrend emerges, PI could break above $2 and potentially test $3, but downside risks remain, especially with the upcoming unlock of 188 million tokens this month.

Pi Network DMI Shows Sellers Are Trying To Keep Control

Pi Network’s DMI chart shows that its ADX has dropped to 11.5, down from 17.7 the previous day.

The Average Directional Index (ADX) measures trend strength on a scale from 0 to 100, with values below 20 indicating a weak trend and readings above 25 suggesting a strong trend.

A declining ADX suggests that the current trend, whether bullish or bearish, is losing momentum and is less likely to continue in the short term.

PI DMI.
PI DMI. Source: TradingView.

At the same time, PI +DI has fallen to 19.3 from 24.5, while -DI has risen to 20.1 from 16.1. This shift indicates that bearish momentum is increasing as selling pressure overtakes buying pressure.

If this trend continues, PI could struggle to gain upside momentum and may face further price weakness.

For a bullish reversal, +DI would need to reclaim dominance over -DI alongside an ADX increase, confirming a stronger trend direction.

PI RSI Has Been Neutral For 8 Days

Pi Network’s RSI is currently at 46.9, maintaining a neutral stance since February 27 and fluctuating between 45 and 55 for the past three days.

The Relative Strength Index (RSI) is a momentum indicator that measures the speed and magnitude of price movements on a scale from 0 to 100.

Readings above 70 indicate overbought conditions, suggesting a potential pullback, while readings below 30 signal oversold conditions, hinting at a possible rebound. A neutral RSI between 45 and 55 typically reflects a lack of strong momentum in either direction.

PI RSI.
PI RSI. Source: TradingView.

With PI RSI sitting at 46.9, the market appears indecisive, lacking clear bullish or bearish momentum. This suggests that Pi Network’s price may remain range-bound unless a significant shift in buying or selling pressure occurs.

For a stronger bullish outlook, the RSI would need to break above 55, signaling increasing buying interest, while a drop below 45 could indicate growing bearish momentum, potentially leading to further price declines.

The coin recently surpassed 4 million followers on X, however, Binance listing remains elusive, which could contribute to more selling pressure.

Pi Network Could Rise Above $3 If A Strong Uptrend Emerges

Pi Network has been in a consolidation phase over the past few days after reaching new highs at the end of February.

Consolidation periods often indicate a temporary pause in price movement as traders assess the next direction, with the potential for either a continuation of the previous trend or a reversal.

PI Price Analysis.
PI Price Analysis. Source: TradingView.

If buying pressure returns and Pi Network resumes its uptrend, it could first test resistance around $2. A breakout above this level, combined with strong momentum, could push Pi toward $3 and even higher, marking new all-time highs.

However, if the uptrend fails to materialize and selling pressure increases, PI price could enter a corrective phase. In this scenario, the price could decline toward $1.51. Its next price movements could be driven by its 188 million token unlock, which will take place this month.

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