Fed, oil and record hash rate: 5 things to know in Bitcoin this week

Bitcoin starts a new week in uncertain territory as $10,000 stays in place but fundamentals shift to bullish.

With coronavirus at the helm and lockdown returning to at least one country on Monday, Bitcoin looks poised to benefit from oil and fiat currency weakness, as before.

Any actions from the Fed could weigh on the U.S. dollar currency index once again, something to which Bitcoin has shown significant inverse correlation since July.

In terms of central bank policy specifically, this year is seeing a seismic change similar to oil demand.

With Bitcoin as an antidote to central bank meddling with the money supply, any further devaluation in fiat is only to be welcomed by BTC proponents looking for a safety net.

Hash rate - a measure of how much computing power miners have decided to dedicate to validating transactions - has broken out to hit yet another all-time high.

Hash rate strength underscores miners' continued faith in Bitcoin's long-term profitability.

Commenting on the general situation, Cointelegraph Markets analyst Michaël van de Poppe suggested that zooming out was all that was needed for a bullish take on Bitcoin.

Specifically, Tether's burgeoning market cap, passing $15 billion in recent days, has historically spurred Bitcoin gains.

"Bitcoin tether printer divergence. This story always seems to end the same way," analyst Cole Garner tweeted, highlighting how previous increases in the USDT supply positively impacted Bitcoin.