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Bitcoin’s Mining Difficulty Drops By More Than 7%

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In the latest Bitcoin news, we are reporting about Bitcoin and its mining difficulty which has dropped by more than 7% over the past 24 hours as the fallout of the market rout continued. Even though Bitcoin recovered and is now trading above $4,000, a lot of miners are finding it difficult to remain profitable or break even.

In the light of the Bitcoin blockchain’s reduced hash rate caused by withdrawing miners, the network is designed to automatically adjust the difficulty level and therefore avoid a situation where there is a huge transaction confirmation backlog and high confirmation fees.

The 7% drop in Bitcoin mining difficulty is likely to be the start of a similar difficulty readjustment pattern which is in line with Bitcoin’s below $6,000 pattern which increasingly becomes a prolonged reality.

As shown in the above chart, the Bitcoin difficulty fell from about 5.8TH/second to about 5TH/second on December 19th. In contrast to this, Bitcoin Cash and Bitcoin SV are still stable at about 1TH/second.

While the interest in mining Bitcoin is declining, this hasn’t impacted the difficulty in mining Bitcoin Cash and Bitcoin SV. In other words, the miners leaving Bitcoin are not switching to other cryptographically similar cryptocurrencies.

However, the real danger right now is the fact that the existing situation can in itself become an obstacle to mass cryptocurrency adoption in the long term if the downward trend continues. At the same time, a significant upward price movement could change the situation almost overnight.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Bitcoin Ignores Correction Calls: Where Is BTC Headed?

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bitcoin ignores correction calls
The price of Bitcoin and its fast comeback over the weekend and rise to a 13-month high has been viral and featured on many best cryptocurrency news sites. However, it seems like Bitcoin ignores correction calls which were predicted by analysts and is still above the $9,150 mark, hitting resistance once again. Right now, traders are looking for the next move from the most dominant cryptocurrency and are eyeing altcoins for bigger gains. In the altcoin news, the situation is not that different as Litecoin, Bitcoin Cash, Ripple, Ether and other digital assets are recording growth. So, no one is really expecting a correction right now - especially not after Bitcoin's strong performance and ability to retain the $9,200 price level. For those of you who did not follow our latest cryptocurrency news, it all started when Bitcoin surged through resistance on Saturday evening, recording a new 13 month high of just north of $9,300. This resulted in a 8% price increase on the day for BTC - pumping the price from around $8,600 to the highest price point of 2019. This proved that Bitcoin ignores correction calls despite the small pullback which retested the price again and formed a double top on the day. A new and larger pullback then took Bitcoin to $8,850 but BTC recovered again and is still heading upwards in the Asian trading session. At the time of writing, Bitcoin is trading shy of $9,200 which is marginally higher than yesterday morning. While Bitcoin ignores correction calls, the daily volume is also rising. The number managed to pump back to $23 billion, taking BTC's market capitalization to $162 billion which is higher than the total cryptocurrency market cap back in March this year. A collection of technical indicators named the Ichimoku Cloud recently predicted the price of Bitcoin as well as its momentum and trend decision. As it showed:
“$BTC – found resistance right at the lower cloud and has opened the weekly candle inside the cloud. This represents the highest time frame that #bitcoin has breached into the cloud…with resistance at just above $10K…”
An analyst named Chonis Trading then took to Twitter with the following statement: https://twitter.com/BigChonis/status/1140410183665049603 He also added:
“One more step up the mountain as #bitcoin hits right at the 38.2% fib resistance making it the next target for the bulls to close over and also makes maintaining the 23.6 fib support that much more important for overall continuation…”
As Bitcoin ignores correction calls, many believe that the $10,000 mark could be achieved very soon.
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Bitcoin News

Bitcoin Hash Rate Reaches New High As Price Reclaims $9,000

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Bitcoin hash rate reached e new all-time high as the price of the major cryptocurrency tapped the $9,000 level again. Let’s look into the analysis in the coming altcoin news below. The data that we acquired shows that the BTC hash rate which is the computing power required for securing the network reached 62 quintillion hashes per second or 62 million tera hashes per second on Friday. This level is the highest ever hash rate level that bitcoin ever reached and the one that was ever recorded on the network with the previous one being 61.9 million in 2018 in August. The more mining nodes remain active on the network they will create bigger security by reducing the possibility of malicious attacks on the blockchain. Reaching the new hash rate ATH also represents a final blow to anyone who talks about mining capitulation that could emerge if the hash rate is to fall again as it did by more than 45 percent in December. The network hash rate is one of the most important elements that are currently enjoying positive growth trends. The active addresses for Bitcoin are also back above $1 million. The increase of the active bitcoin addresses does not really have a material impact on transactions fees as the main transaction charge is somewhere about $1.30. By using wallets with the robust fee calculation figures they could provide for much lower fees. While the network hash rate was setting a new all-time record, the current price for Bitcoin went on another upward ride to the $9,000 price level. The number one cryptocurrency even surpassed this level and tapped the $9,300 price range setting a new 1-year-high for the number one cryptocurrency as noted in the latest cryptocurrency news. As pointed out by the Senior Market Analyst at eToro Mati Greenspan, the network fundamentals are the best indicators for the bitcoin price movements. The latest price surge also happened during the network activity and the BTC hash rate reached a new all-time high. Bitcoin is currently up by more than 150 percent since the start of 2019 and managed to add double the market price since the start of April alone
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Bitcoin News

Bitcoin Just Surpassed 1 Million Daily Active Addresses

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bitcoin just surpassed
A new milestone is here and featured in our latest cryptocurrency news, where Bitcoin is seen surpassing the one million mark of daily active addresses. Now that Bitcoin just surpassed this crucial level, it also recorded a 13-month high and a growth that was quite parabolic this year. According to one analyst named Kevin Rooke and his tweet:
"When Bitcoin first broke 1 million active addresses (Nov 27, 2017), 1 BTC was $9,352 and the median tx fee was $3.23.  Yesterday 1 BTC was $8,230 and the median tx fee was $1.33."
Even though the DAA does not man much in practice, the fact that Bitcoin just surpassed 1 million daily active addresses is an important metric on many altcoin news sites - mostly because it shows actual and unique transfers which are separate from the direct ones to and from bigger exchanges. The fact that there are more than million unique addresses transacting on the blockchain is good for Bitcoin. https://twitter.com/kerooke/status/1139919876838047744 In order to put this number in perspective, however, we can link to Uber and its estimated 14 million rides per day or estimated 798,877 iPhones a day which Apple sold in 2017. While these are comparisons like Apples to oranges, it is definitely interesting to note that Bitcoin is doing the transaction volume of some of the biggest brands in the world. The news that Bitcoin just surpassed an interesting milestone are re-shared on many best cryptocurrency news sites. Curiously, shortly after reaching this milestone, Bitcoin's price started rising going from $8,450 to a $9,300 high. At press time, the Bitcoin price seems to have corrected and is trading a little over $9,100. One of the factors behind the flagship cryptocurrency and its price rise could be Facebook's foray in the crypto space. Still, Bitcoin just surpassed 1 million daily active users and there could be a real possibility that BTC is heading for the $10,000 mark by June 21 because of it. Right now, there are no coming altcoin news or altcoins showing a similar level - or active addresses which surpassed one million. The Bitcoin traders should be proud of that - and proud of a retracement for the Bitcoin blockchain which has not been since two years ago - in November 2017.
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Bitcoin News

Bitcoin Above $9.3k: BTC Price Records A 13-Month High

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Bitcoin is all over the latest cryptocurrency news today for recording another surge which put it at a 13-month high. The Bitcoin above $9.3k situation was present for a couple of hours before the most dominant cryptocurrency corrected. At press time, Bitcoin is trading at $9,113 with a $161 billion market cap and a dominance of 57.2%. It all started when the leading cryptocurrency by market capitalization rose to $9,381 at 05:55 UTC which is the highest price we have seen since May 10 last year (2018) as the Bitcoin Price Index shows. In fact, the Bitcoin above $9.3k situation has not been seen for some time now as BTC was trading in the $8,000 zone most of this week. As soon as BTC changed hands with the $9,400 mark, it corrected to $9,250 and then to the current price of above $9,100. As many best cryptocurrency news sites note, more than $19 billion worth of Bitcoin has been traded across crypto exchanges in the last 24 hours, Messari data shows. Meanwhile, some of the major exchanges included in the calculation of Bitwise's "real" BTC trading volume are reporting the 24-hour volume figure to be at $867,697,751. With this price rise, Bitcoin's dominance rate (or share of the total cryptocurrency market) has also surged. The Bitcoin above $9.3k is a price level which is great for the most dominant cryptocurrency - and boding well for the market in general. In the coming altcoin news, we can see that Bitcoin has initiated a positive trend. Right now, Litecoin (LTC) is up by 2.3% as well as Ether, XRP and Bitcoin Cash which were all up 4% according to data from CoinMarketCap. Meanwhile, EOS remains the best performing top 10 altcoin in the past 24 hours. It managed to add 7.4% gains overnight. Still, on a seven day basis, Litecoin is leading with its surge of 18.29%, closely followed by BTC which recorded a 17.20% growth on a weekly basis. Looking forward, the Bitcoin above $9.3k is a scenario that could finally lead the cryptocurrency to the $10,000 resistance level. A lot of technical studies back this possibility and the 50 and 100 candle moving averages also look set to produce a bullish crossover. With a 13-month high, Bitcoin has managed to retrace by around 38.2% from the December 2017 sell off.
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