Bitcoin

Bitcoin Mining Gets Harder – Good News for BTC Price or…

Published

11 months ago

25 May, 2024

Bitcoin Mining Gets Harder – Good News for BTC Price or...

The increase in difficulty drove an increase in daily revenue for miners
Many miners have withdrawn their BTC, suggesting the currency’s price may fall

According to on-chain data from Glassnode, Bitcoins [BTC] mining difficulty has reached a significant high from the lows of May 22. Bitcoin mining difficulty measures how challenging and time-consuming it is to find the right hash for each block.

Mining difficulty does not always affect the value of BTC. However, it affects its perceived value and its scarcity. An increase in difficulty implies an increase in hash power. In turn, blockages may not be resolved faster and the blockage time may reach 10 minutes.

In terms of price, a increase on this metric may be optimistic. This is because miners can be attracted to validate more transactions on the network.

Source: Glassnode

However, mining difficulty was not the only metric to skyrocket on the network. In fact, another metric that followed suit was Bitcoin’s hash rate.

As the difficulty increases, so does the revenue

If Bitcoin hash rate is high, indicates that the network is secure and healthy. For investors, this increase serves as a guarantee that buying BTC can be profitable in the long term. However, this condition only works if the market condition is in a bullish phase.

On the other hand, a large decline in hash rate indicates changes or risks to the network. In situations like these, miners may have difficulty generating profits from their operations.

Source: Glassnode

As expected, the impact of the increase in mining difficulty and hash rate was reflected in miners’ revenues. In fact, at the time of writing, network data revealed that miner revenue was 558,057 BTC.

This seems to indicate that operators have been working towards confirming more new transactions in the block, compared to what happened on May 21st.

Not everyone is HODLing

AMBCrypto also analyzed the change in miner’s net position. At press time, the metric had a reading of -2,748.69 BTC. Miner Net Position Change tracks the 30-day change in the supply of Bitcoin held at miner addresses.

When this metric is positive, means miners are accumulating more coins. However, the recent decline that has occurred over the past two weeks means that miners are liquidating their holdings.

As such, there is a chance that Bitcoin mining will become more difficult. For the price actionThis could force another cryptocurrency decline.

At press time, BTC was valued at US$68,291, having appreciated by less than 1% in 24 hours after many sideways movements. It is worth keeping an eye on price action as Bitcoin holders may look for other opportunities to cash out in the future.

BTC in circulation drops

From a network perspective, AMBCrypto also analyzed 24-hour active addresses. According to Santiment, 24-hour active addresses on the Bitcoin network were 747 thousand.

This alluded to a significant increase from where the metric was on May 23. Active addresses measure users’ daily interaction on a blockchain, which means the number of Bitcoin transactions has increased since then.

For the price, increased activity could spur currency price appreciation. However, this metric alone cannot determine BTC’s next direction. Therefore, it is also worth considering circulation.

Source: Santíment

To date, one-day circulation has dropped to 33,000, meaning the number of coins involved in transactions has dropped.

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Considering the increase in Bitcoin mining difficulty and activity on the network, the crypto price could see an increase in the medium term. As far as targets go, the value could recover to $73,000.

Next: The Rise of PEPE: Can Holders Expect Big Profits Amid Growing Social Buzz?

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Bitcoin

What to watch for in the markets

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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