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 $6,000 pattern which increasingly becomes a prolonged reality.
As shown in the above chart, the Bitcoin difficulty fell from about 5.8TH/second to about 5TH/second on December 19th. In contrast to this, Bitcoin Cash and Bitcoin SV are still stable at about 1TH/second.
While the interest in mining Bitcoin is declining, this hasn’t impacted the difficulty in mining Bitcoin Cash and Bitcoin SV. In other words, the miners leaving Bitcoin are not switching to other cryptographically similar cryptocurrencies.
However, the real danger right now is the fact that the existing situation can in itself become an obstacle to mass cryptocurrency adoption in the long term if the downward trend continues. At the same time, a significant upward price movement could change the situation almost overnight.
Bitcoin Ignores Correction Calls: Where Is BTC Headed?
“$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.
Bitcoin Hash Rate Reaches New High As Price Reclaims $9,000
Bitcoin Just Surpassed 1 Million Daily Active Addresses
"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.
Bitcoin Above $9.3k: BTC Price Records A 13-Month High
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