Crypto Shuttle News

Tag: Difficulty

  • What’s Next For Bitcoin As Prices Encounter Difficulty Reclaiming $43,000?

    What’s Next For Bitcoin As Prices Encounter Difficulty Reclaiming $43,000?

    [ad_1]

    Recently, bitcoin prices have struggled, often dipping below the $43,000 mark and then failing to post substantial gains.

    Around 9:20 a.m. EDT, the world’s most popular crypto asset retreated to $42,777.20, CoinDesk data show, Saturday.

    The majority of cryptocurrencies traded lower early Saturday. Global crypto market market capitalization fell nearly 3% to $1.15 trillion in the last 24 hours, while total crypto market volume was up 9.3 percent to $89.50 billion.

    Suggested Reading | Ark CEO Cathie Wood Is As Bullish As Ever, Sees Bitcoin Hitting $1 Million By 2030

    Bitcoin Short Stay At Near $44K

    Bitcoin was able to inch back slightly shortly thereafter, reaching $43,962.01 at approximately 10 a.m. EDT. Following this comeback, it retreated again, falling to around $42,840 at 1:30 p.m.

    On the other hand, the overall volume of stablecoins was $74.34 billion, or 83.06% of the total 24-hour volume of the cryptocurrency market.

    Bitcoin was recently trading at an average price of around $43,500, roughly where it was 24 hours ago and well below the $47,000 barrier it crossed just a few days earlier, as investors continued to weigh in on the Federal Reserve’s new hawkish zeal and the ongoing twist of economic developments sparked by Russia’s attack on Ukraine.

    BTC total market cap at $805.46 billion on the weekend chart | Source: TradingView.com

    Unease Over Fed’s Monetary Policy Tightening

    According to an email from Oanda Senior Market Analyst Americas Edward Moya:

    “Bitcoin is unsure of its direction as Wall Street gets concerned about the central bank’s aggressiveness in tightening monetary policy.”

    Following these recent price swings, various experts expressed their predictions for the cryptocurrency’s future direction.

    Ben McMillan, chief information officer at IDX Digital Assets, weighed in, indicating critical levels of support and opposition.

    “$43k is a critical support level in the near term as bitcoin attempts to build on its recent relative strength,” he noted.

    Suggested Reading | Bitcoin Helps Market Hover Past $2 Trillion As BTC Nears $48,000

    Containing Inflation

    Cryptocurrency prices deviated somewhat from the performance of the main equities markets, which were marginally positive. The Nasdaq, which is heavily weighted toward the tech sector, gained less than a tenth of a percentage point.

    The US central bank has communicated strongly over the last week, both collectively and through individual governors, that it will step up efforts to contain inflation, which has hit about 8%, a four-decade high.

    The correlation coefficient between Bitcoin and US equities has increased in the last 90 days as investors have become more risk averse in response to the Federal Reserve’s withdrawal of the pandemic-era intervention that is attributed with catalyzing the ascent of cryptocurrency.

    Featured image from Research Affiliates, chart from TradingView.com

    [ad_2]

    Source link

  • BTC Mining Difficulty Hits All-Time High

    BTC Mining Difficulty Hits All-Time High

    [ad_1]

    In addition to a sharp plunge in its price, BTC saw a spike in its mining difficulty level. The number increased by almost 9% within 24 hours yesterday. Earlier this month, the Bitcoin hash rate topped the level of 183 Exahash, the highest level on record.

    “BTC mining difficulty increased by +9.3% today, hitting a new ATH,” crypto analytics platform Glassnode noted. Finance Magnates recently highlighted a sharp jump in old Bitcoin supply.

    Bitcoin hash rate dropped by nearly 54% in May 2021 after China imposed a ban on the mining of digital currencies in the region. While the hash rate has recovered substantially, the mining difficulty has climbed as well.

    BTC is currently going through a major correction. The digital asset reached a low of almost $34,000 on Saturday. One of the biggest reasons behind Bitcoin’s recent dip is an enormous rise in exchange inflows. According to Glassnode’s data, Bitcoin exchange inflow volume reached its highest level in 4 weeks today. “Bitcoin Exchange Inflow Volume (7d MA) just reached a 1-month high of 1,279.853 BTC. The previous 1-month high of 1,277.577 BTC was observed on 12 January 2022,” the data shows.

    Russia’s Potential Crypto Mining Ban

    Earlier this week, reports emerged about Russia’s potential ban on crypto mining in the country. Being one of the top destinations for global crypto mining companies, Russia holds a significant place in the international digital asset ecosystem.

    “The Bank of Russia has hinted at the possibility of a sweeping ban on crypto many times before so this recent development is hardly surprising. Importantly, the ban will also outlaw any crypto mining activities. As this would negatively affect Bitcoin’s hash rate, some investors may be wondering whether the ban, when enforced, could result in more selling pressure on the price of this asset. This, however, is unlikely to happen. Russia hosts a little more than 10% of Bitcoin’s current mining power,” Anto Paroian, Chief Operating Officer at ARK36, said.

    In addition to a sharp plunge in its price, BTC saw a spike in its mining difficulty level. The number increased by almost 9% within 24 hours yesterday. Earlier this month, the Bitcoin hash rate topped the level of 183 Exahash, the highest level on record.

    “BTC mining difficulty increased by +9.3% today, hitting a new ATH,” crypto analytics platform Glassnode noted. Finance Magnates recently highlighted a sharp jump in old Bitcoin supply.

    Bitcoin hash rate dropped by nearly 54% in May 2021 after China imposed a ban on the mining of digital currencies in the region. While the hash rate has recovered substantially, the mining difficulty has climbed as well.

    BTC is currently going through a major correction. The digital asset reached a low of almost $34,000 on Saturday. One of the biggest reasons behind Bitcoin’s recent dip is an enormous rise in exchange inflows. According to Glassnode’s data, Bitcoin exchange inflow volume reached its highest level in 4 weeks today. “Bitcoin Exchange Inflow Volume (7d MA) just reached a 1-month high of 1,279.853 BTC. The previous 1-month high of 1,277.577 BTC was observed on 12 January 2022,” the data shows.

    Russia’s Potential Crypto Mining Ban

    Earlier this week, reports emerged about Russia’s potential ban on crypto mining in the country. Being one of the top destinations for global crypto mining companies, Russia holds a significant place in the international digital asset ecosystem.

    “The Bank of Russia has hinted at the possibility of a sweeping ban on crypto many times before so this recent development is hardly surprising. Importantly, the ban will also outlaw any crypto mining activities. As this would negatively affect Bitcoin’s hash rate, some investors may be wondering whether the ban, when enforced, could result in more selling pressure on the price of this asset. This, however, is unlikely to happen. Russia hosts a little more than 10% of Bitcoin’s current mining power,” Anto Paroian, Chief Operating Officer at ARK36, said.



    [ad_2]

    Source link