Nvidia · Iran · Cointelegraph
Iren (IREN US) unveiled a large $34 billion agreement with Nvidia on Friday
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Bitcoin’s hashrate dropped to its lowest point in eight weeks on April 26, but the indicator showed plenty of resilience throughout May.
Key facts
- On the corporate BTC treasury side, Strategy (MSTR US) announced it acquired $43 million in Bitcoin after a one-week break
- Iren (IREN US) announced a massive $34 billion deal with Nvidia on Friday
- Bitcoin (BTC) flirted with the $82,000 level on Monday, sparking a brief surge in demand for bullish leverage
- The estimated processing power supporting the Bitcoin network climbed 5% in two weeks, reaching 970 exahashes per second
Summary
Bitcoin’s funding rate turned positive as the cryptocurrency held the $80,000 level. Bitcoin derivatives show limited conviction among pro traders, but ETF flows and Strategy could play a role in the next higher rally. Reduced odds of a peace plan between the US and Iran and high oil prices, could impede Bitcoin’s price discovery. Bitcoin (BTC) flirted with the $82,000 level on Monday, sparking a brief surge in demand for bullish leverage. The annualized funding rate for Bitcoin perpetual futures briefly jumped to 6% on Monday, touching neutral-to-bullish territory for the first time in over a month.