A year after thousands of young people marched to the United Nations (UN) headquarter in New York demanding climate action, some things have changed. During this year’s General Assembly that is taking place remotely, climate action is a part of the conversation. But some things have remained the same. When it came to allocating money and announcing drastic systemic changes that climate action needs, world leaders fell short. 

On Tuesday as representatives from around the world discussed ways to help finance the Sustainable Development Goals (SDGs) – targets aimed at improving access to health, education and sanitation, among others – the COVID-19 pandemic dominated the conversation.

The high-level meeting convened by UN secretary-general António Guterres on September 29, together with the Prime Minister of Canada, Justin Trudeau, and the Prime Minister of Jamaica, Andrew Holness, involved talks about policy actions and solutions to advance the devastating social and economic impacts of COVID-19. 

Nearly one million people lost their lives due to the pandemic and there are over 32 million confirmed cases globally. It is expected to drive close to 100 million to extreme poverty, the first such increase since 1998. An estimated additional 265 million people could face acute food shortages by the end of 2020, according to the UN.

Even for developing countries that have not been directly affected by the virus, the COVID-19 pandemic has exacerbated the financial distress as export, tourism and remittance receipts have all dried up. This threatens their ability to meet existing debt payments.   

In March, the price of Bitcoin plunged by more than 50% to below $3,600. Since then, the dominant cryptocurrency has rallied by 197% to $10,700. At its yearly peak in August, BTC rose to as high as $12,500 across major exchanges.

Since March, a “buy zone” signal of the Bitcoin hash ribbon indicator has been a persistent BTC catalyst. The historically accurate macro on-chain indicator is hinting an uptrend for BTC again, after first lighting up in March.

In an interview, on-chain analyst Willy Woo explained that the hash ribbon has been in the “buy zone” since March. It recently broke out of the zone, suggesting that a broader uptrend could occur.

What The Hash Ribbon Indicator Is And Why It’s Significant For Bitcoin Price

Bitcoin is widely perceived as a store of value and a currency. Jack Dorsey, the CEO of Twitter and Square
, said he sees BTC becoming the world’s sole currency by 2030.

Under that is a blockchain network that is maintained by computing power contributed by miners. The amount of computing power supporting the Bitcoin blockchain is a highly important metric to measure the blockchain’s fundamental strength.

The amount of computing power on Bitcoin is called hashrate. If the hashrate increases, it suggests that more miners are contributing computing power to the blockchain. 

The basic theory of the hash ribbon indicator is that a Bitcoin bull cycle begins when miners capitulate. The term capitulation refers to when miners sell a significant amount of BTC, or smaller miners get shaken out. Capitulation could occur when the price of Bitcoin is too low for mining to be profitable.

When capitulation occurs, there