Bitcoin’s correlation with traditional markets seems to continue.

For several months now, talks have been underway on a second stimulus package for the people of the United States. Today, President Trump decided to postpone the matter until after the 2020 presidential election. This seems to have resulted in the drop in the price of Bitcoin (BTC) and other major markets.

Commissioner Brian Quintenz will not be leaving the CFTC this month after all

„Nancy Pelosi is asking for $2.4 billion to bail out mismanaged and high crime Democratic states, money that is in no way related to COVID-19,“ Trump said in an October 6 tweet.

„We made a very generous offer of $1.6 billion and, as usual, he is not negotiating in good faith. I am rejecting your request, and looking to the future of our country.

There will be no more talk of the stimulus package before the elections, the president said in his subsequent tweets, while boldly predicting his victory in the polls. „Immediately after he wins, we will pass a major stimulus bill that will focus on hard-working Americans and small businesses,“ he said.

Bitcoin price could reach $9,100 if volume and price activity remain stable

After the publication of these tweets, the market responded in disapproval. Stocks fell sharply, while Bitcoin fell approximately $200 before rebounding slightly, maintaining a price of $10,595 by the time this article was published.

Bitcoin’s fall seems to suggest that the asset price continues to react in tandem with conventional markets, at least as far as major tax news is concerned. For some, this is contrary to the supposed role of the asset as a store of uncorrelated value.

ETH’s hash rate reaches an all-time high, and its mining is 3 times more profitable than BTC’s

The amount of computing power on the Ethereum network is currently at its peak after weeks of volatility in key blockchain metrics.

According to data from analytics vendor Glassnode, the Ethereum’s hash rate reached an all-time high of over 250 terahashes per second (TH/s) on October 6, marking an 80% increase since January. Glassnode reported that an increase in advertising for this year’s DeFi projects, leading to higher gas rates, may have contributed to the metric reaching an all-time high.

DeFi rates plummet despite strong fundamentals

In addition, data from the F2Pool cryptomining group shows that it is currently up to three times more profitable to mine Ethereum (ETH) instead of Bitcoin (BTC).

F2Pool calculates the profitability of mining by determining current revenues (per-block reward and transaction rates) and deducting the cost of energy, reports that BTC Antminer S19 Pro miners can earn USD 4.33 profit in 24 hours, while ETH miners using GTX TitanV 8 cards can earn USD 15.56 in the same period, making them 259% more profitable today. Six of the mining platforms monitored by F2Pool show that Ethereum miners show a daily profit of more than USD 10, while only two Bitcoin mining platforms have profits of more than USD 4.

MetaMask reaches 1 million users per month thanks to the boom in the DeFi sector

The hash rate is a key measure to determine the health and safety of a blockchain. It measures the computing power of the network. The last time the Ethereum hash rate was near these all-time high levels was in August 2018, when the metric reached 246 TH/s. However, the price of the token steadily declined from over $400 to less than $100 in December of that year.