Bitcoin Hash Rate Hits Record 1.12B TH/s as Network Difficulty Surges – Will BTC Break $117K?

CryptoNews

Bitcoin’s hash rate, the network’s aggregate computational power, reached a milestone of 1.12 billion TH/s on September 12, according to .

The network difficulty, which measures the computational complexity required for miners to discover new blocks on the blockchain, is on track to reach a record peak of 136.04T

Market analysts now suggest that Bitcoin is positioned to overcome its 3-week-long resistance level at $117K.Record Bitcoin Hash Rate and Fed Rate Cut Could Trigger $117K Breakout

An increasing hash rate shows increased computational resources being allocated to Bitcoin mining. Source:

This typically reflects increased miner confidence, as they essentially bet that Bitcoin’s future valuation will warrant their hardware and energy costs, and it also rises proportionally with the hash rate

, the upcoming difficulty adjustment is projected for September 18, 2025, with current estimates indicating a 6.38% increase to 136.04T.Source:

With the Federal Reserve’s highly anticipated rate decision scheduled for September 17 and risk-on markets anticipating a 25-basis-point reduction, investor sentiment on a Bitcoin $117k breakout now leans optimistic.

This perspective aligns with miner reserves climbing to a 50-day peak of 1.808 million BTC on September 9, according to , suggesting miners are maintaining their holdings rather than liquidating.

Similarly, crypto analyst a fundamental shift in mining behavior and Bitcoin network resilience.

Examining the Miners’ Position Index (MPI), spikes have historically emerged under two conditions, which are pre-halving periods when miners tactically reduce holdings, and late bull market phases when they sell aggressively into fresh retail capital.Source:

The present cycle shows a contrasting pattern, although some pre-halving distribution is obvious, as the intense late-cycle liquidations remain notably absent.

This shows that ETF inflows and Bitcoin’s adoption as a strategic treasury asset by major economies may be reshaping mining strategies. They seem to be transitioning from short-term liquidation toward long-term accumulation.

🟢 U.S. spot Bitcoin ETFs Ignite with a $553M daily inflow, pushing a four-day streak to $1.7B. Ether ETFs also saw a resurgence with $113M in new funds. — Cryptonews.com (@cryptonews)

The analyst further emphasizes that mining difficulty has achieved an all-time high, with its growth trajectory forming the characteristic “Banana Zone” of steep increases.Bitcoin Technical Analysis: Bulls Challenge $117k Resistance Wall

Bitcoin analysts have as the key resistance level for the price to overcome, which corresponds with a CME gap.

Should BTC decisively reclaim this threshold, pathways toward new all-time highs above $124k would emerge.

In the event of rejection, BTC could retreat to monthly lows with liquidity concentrations around the $108K-$112K range.

The FOMC meeting approaches next week, with a 25-basis-point rate cut anticipated.

Market direction will hinge on Powell’s commentary and the Fed’s perspective on inflation and employment metrics.

If Powell emphasizes inflation concerns, BTC might decline to test the $112k liquidity zone.Liquidity Zone. (Source: )

From a technical perspective, the Bitcoin 4-hour chart displays price recovering within a trading range following several unsuccessful attempts to sustain levels above the $119,000 resistance area.

The wedge formation that previously supported the upward trend has now deteriorated, with repeated false breakouts confirming selling pressure at elevated levels.Source: TradingView

The price currently trades around $115,400, which is near the range’s upper limit, where resistance has historically prompted corrections.

With support established around $107,700, the chart indicates a probable rejection at current levels, favoring a decline toward the range’s lower boundary unless buyers achieve a convincing breakout above $119,000.

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Bitcoin Eyes $120K if Weekly Close Holds Above $114K

CryptoPotato

TL;DR

Bitcoin Tests $114K Level Again

Bitcoin has recovered in the past week or so after reaching a low near $107,000 earlier this month. That zone marked the end of its measured move, and the price has since pushed back above $114,000, trading close to $115,000.

Analyst Rekt Capital said,

“Bitcoin is now in contention for a reclaim of the $114k (black) level back into support. Weekly Close above $114k would trigger bullish bias and resynchronisation with the $114k–$120k Range.”

The $114,000 level has acted as resistance in recent weeks. Holding above it on the weekly close would open the way toward the $114,000–$120,000 range.

Rekt Capital noted that Bitcoin “needs to stay above ~$114k as it heads into the new Weekly Close” and should build a cluster around this level, similar to early August.

Trader Ted pointed to $117,200 as the next resistance and wrote,

“$117,200 is the next important level for Bitcoin and it also has a CME gap. If BTC fully reclaims this level, the doors towards the new ATH will open.”

If the move fails, Bitcoin could revisit recent monthly lows.Liquidations Drive Short-Term Spike

Glassnode data shows that a wave of short liquidations near $115,000 pushed the latest surge. The liquidations were triggered across exchanges between 9–10 p.m. UTC and matched signals from its Hyperliquid heatmap.

High short liquidations clustered around $115k were triggered last night, accelerating $BTC upward spike. The move was confirmed across exchanges around 9–10pm UTC, aligning with our new Hyperliquid heatmap signals. pic.twitter.com/l9z8RS7ECM

— glassnode (@glassnode) September 12, 2025

The cascade of liquidations added momentum, helping Bitcoin clear overhead resistance levels and driving volatility higher as the week developed.Short-Term Holders Realizing Losses

Data from CryptoQuant shows that short-term holders are realizing losses again after four months of steady gains. Analyst G a a h said,

“This change is significant, as it indicates a momentary loss of confidence on the part of speculators.”

The Spent Output Profit Ratio (SOPR) for short-term holders has dropped below 1. In previous cycles, market peaks formed when short-term holders booked heavy profits, often during periods of extreme greed. This time, those conditions have not appeared, suggesting the rally has been sustained by larger investors.

If Bitcoin holds $114,000 into the weekly close, analysts see scope for continuation toward $120,000 in the near term.

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Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

NewsBTC

Bitcoin (BTC) and cryptocurrency exchange Gemini (GEMI), founded by twins Tyler and Cameron Winklevoss, experienced a major debut on the Nasdaq, soaring nearly 40% following the company’s initial public offering (IPO), which raised $425 million.

Gemini Success On Nasdaq Debut

Based in New York, Gemini priced its IPO late Thursday above the anticipated range of $24 to $26, reflecting strong investor interest. This valuation positioned the company at approximately $3.3 billion before trading commenced.

Despite the successful debut, Gemini has faced financial challenges. According to its registration with the Securities and Exchange Commission (SEC), the company reported a net loss of $159 million in 2024 and a loss of $283 million in the first half of this year.

The Winklevoss brothers, who are recognized as early Bitcoin investors and the first Bitcoin billionaires, have consistently advocated for Bitcoin as a superior store of value compared to gold.

In a recent interview on CNBC’s Squawk Box, they expressed their belief that the price of the market’s leading cryptocurrency could reach $1 million within the next decade, saying it could easily increase tenfold from its current price.

GEMI Stock Peaks At $40

The Winklevoss twins’ exchange debut on the Nasdaq follows those of Circle (CRCL), the issuer of the second-largest stablecoin by trading volume (USDC), and Bullish (BLSH), the Peter Thiel–backed exchange, which were among the first crypto firms to go public this year.

According to Arkham data issued after the initial public offering debut today, the brothers’ long-dated commitment to Bitcoin and broader crypto market has led them to amass over $2 billion in crypto assets, mostly consisting of BTC.

The newly traded GEMI stock opened at $37.01 on Friday, significantly exceeding the IPO pricing of $28, and at one point reached a high of $45.74 during trading. Since, the stock has retraced toward its current valuation of $34.

Featured image from DALL-E, chart from TradingView.com

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Polymarket eyes $10B valuation as prediction market preps US comeback: Report

Cointelegraph

Blockchain-powered prediction market Polymarket is reportedly preparing a US launch that could value the company as high as $10 billion, highlighting the surge of investor interest in prediction markets and crypto ventures.

Citing sources familiar with the conversation, Business Insider reported Friday that Polymarket is exploring re-entering the US while seeking new funding that could more than triple its June valuation of $1 billion. One investor valued the company at up to $10 billion, the report said.

As Cointelegraph reported, Polymarket was raising a $200 million round in June led by Peter Thiel’s Founders Fund, an early backer of companies including OpenAI, Paxos and Palantir.

Polymarket, a decentralized platform that allows users to trade event outcomes without a centralized bookmaker, gained prominence during the 2024 US presidential election, where its markets correctly anticipated Donald Trump’s victory.

The company was barred from serving US users in 2022 following a settlement with the Commodity Futures Trading Commission (CFTC). In July, however, it acquired Florida-based derivatives exchange QCX, which could pave the way for a regulated return to the US market.

In September, the CFTC issued a no-action letter to QCX, granting relief from certain federal reporting and recordkeeping requirements for event contracts. Polymarket CEO Shayne Coplan said the decision effectively gives the platform “the green light to go live in the USA.”

Blockchain prediction markets gain steam

The move comes as rival platform Kalshi is reportedly nearing a $5 billion funding round, according to The Information. That follows a Paradigm-led raise in June, when the company secured $185 million at a $2 billion valuation.

Kalshi’s recent momentum stems partly from a 2024 court ruling that allowed it to offer political-event contracts — a ruling the CFTC appealed but voluntarily dropped in May of this year. The favorable rulings left intact Kalshi’s right to list political-event contracts under existing regulation.

Kalshi ranks among the most active prediction markets alongside Polymarket, measured by trading volumes and monthly active users. Still, like Polymarket, its user base has declined since the election.

Market watchers say momentum is shifting, fueled by the start of the National Football League season. Market analyst Tarek Mansour noted this week that Kalshi processed $441 million in volume since kickoff, writing: “NFL Week 1 is equal to a US election.”

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Gemini IPO trades over $40 per share, sending Winklevoss-led firm’s valuation to $4.75 billion

The Block

Gemini Space Station (ticker GEMI), the crypto firm led by Tyler and Cameron Winklevoss, saw its shares trade above $40 per share on Friday, pushing its valuation, at least temporarily, to approximately $4.75 billion.

Earlier in the day, Gemini said it had raised $425 million by selling over 15 million Class A shares for $28 each after listing on the Nasdaq exchange, according to a press release. Gemini had expected a market price of $24 to $26, an increase from a previous estimate.

The trading pop on IPO day mirrors other crypto firm listings like blockchain-based financial services company Figure Technology Solutions and USDC stablecoin issuer Circle, which have also gone public this year.

Figure's IPO debuted this week, with its shares closing approximately 24% higher above its IPO price. BitGo, Grayscale, and Kraken are other crypto companies aiming to list their shares publicly.

GEMI shares were changing hands at $33.62 as of 2:11 p.m. ET, according to Yahoo Finance.

Gemini acts as both a crypto trading platform and custodian. The firm was founded in 2014 by the Winklevoss brothers, who were previously best known for their early involvement with Facebook. According to a report from Bloomberg, the identical twins are expected to control about 94.5% of the voting power after the IPO.

"On day one it was just bitcoin. Gemini was a place people could easily and safely buy, sell and store bitcoin and now I think we have +100 tokens. So, the space has grown considerably over the last decade but we think it's just the beginning," Cameron Winklevoss said during a CNBC interview on Friday.

In the same interview, the Winklevoss brothers promoted a Gemini credit card that enables users to earn cash back in bitcoin or other cryptocurrencies.

Earlier this week, Gemini disclosed that Nasdaq has agreement to buy $50 million of Gemini's Class A common stock in a private placement. According to a Securities and Exchange Commission filing related to its IPO last month, Gemini registered a net loss of $282.5 million for the first half of 2025, despite rocketing crypto volumes, which surprised some analysts.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

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TON Strategy launches $250M buyback while shares drop 7.5%

Cointelegraph

TON Strategy Company, previously known as Verb Technology Company, said on Friday it repurchased 250,000 shares of its common stock under its $250 million buyback agreement.

According to the announcement, TON Strategy Company repurchased the shares at $8.32 each, below the treasury asset value of $12.18. The buyback comes just weeks after it revealed a $713 million reserve of Toncoin (TON) tokens on Aug. 21. TON Strategy says its buyback indicates “long-term confidence” in the TON ecosystem.

The TON token is the native cryptocurrency of The Open Network, a project that started in 2018 and was initially conceived to bring blockchain to messaging service Telegram. The crypto token is ranked No. 22 overall in market capitalization, with its price is declining 40.7% year-to-date, according to Cointelegraph indexes.

The repurchases come as the company’s share price has fallen 21.6% since adopting the TON reserve treasury.

TON Strategy’s shares declined 7.5% on the buyback announcement Friday.

The company also announced the beginning of its staking operations to generate onchain income from its treasury holdings.

“Staking introduces a recurring revenue stream into our model, while buybacks allow us to enhance shareholder returns,” TON Strategy Company CEO Veronika Kapustina said in a statement.

Staking is the process of locking up cryptocurrency to support a blockchain network’s operations, such as validating transactions, in exchange for rewards. According to Staking Rewards data, there are 340 validators actively staking on the TON network, with annual reward rates at 4.8% as of this writing.

TON treasury companies and other DATs

TON Strategy Company became the first publicly traded company to start a Toncoin treasury in August. In July, Bloomberg reported that the TON Foundation and Kingsway Capital Partners, a London-based investment management firm, sought to raise at least $400 million to start a TON treasury company.

Crypto exchange Coinbase recently said that crypto treasury companies are entering a “player vs player” stage where investor money will become harder to find.

The New York Digital Investment Group said Sunday that premiums are narrowing for such companies and may continue to do so.

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Gemini (GEMI) stock soars in Nasdaq debut amid crypto IPO boom

Cointelegraph

Shares of Gemini Space Station (GEMI), the digital asset exchange founded by Cameron and Tyler Winklevoss, surged in their market debut on Friday, signaling strong institutional appetite for crypto-related equities.

Gemini shares briefly topped $40 on Friday, according to Yahoo Finance data, before retreating later in the session. By the afternoon, Gemini was trading near $35 a share, up 24% on the day, for a market cap of around $1.3 billion.

Nasdaq, Gemini, Winklevoss Twins, Stocks, IPO, Cameron Winklevoss

The company priced its initial public offering at $28 per share late Thursday — well above its initial target range of $17 to $19, and even higher than the upwardly revised $24 to $26 range.

According to CNBC, Gemini capped its offering at 15.2 million shares, raising $425 million and signaling heightened investor demand.

The exchange moved swiftly from filing its Form S-1 with the US Securities and Exchange Commission to debuting on the Nasdaq. As Cointelegraph reported, Gemini submitted its IPO registration on Sept. 2 and began trading 10 days later.

Although not among the world’s largest cryptocurrency exchanges by trading volume, Gemini is regarded as a major US platform with a reputation for security and regulatory compliance. According to CoinMarketCap, the exchange saw trading activity rise in the days leading up to its public listing.

Crypto IPOs see strong investor appetite

Gemini is one of several cryptocurrency companies to stage high-profile public offerings in 2025, amid a surge of investor interest in the sector.

Stablecoin issuer Circle (CRCL) has been among the standout performers, with its shares soaring more than 160% on their first day of trading on the New York Stock Exchange. Since debuting at $31, the stock has climbed to over $60, giving the company a market capitalization above $33 billion, according to Yahoo Finance.

Shortly after boosting its IPO price, blockchain-focused financial services company Figure Technology Solutions (FIGR) delivered a strong debut, rising more than 24% on its first day of trading on Thursday. The stock extended gains in Friday’s session, up more than 12% at midday.

While not an IPO, game publisher–turned–digital asset treasury company Mega Matrix (MPU) has also seen its stock surge after announcing plans to pivot into the stablecoin sector. Its stablecoin push culminated in early September, when the company unveiled a $2 billion shelf registration to support investments in the Ethena ecosystem.

MPU stock has experienced heavy volatility, but remains up over 150% over the past six months.

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