The post Bitcoin difficulty drops marginally amidst signs of approaching mining capitulation end appeared on BitcoinEthereumNews.com.

Quick Take According to Newhedge, Bitcoin’s latest difficulty adjustment is -0.049%, slightly less than the previous adjustment of -0.78%. Since the halving event on April 20, there have been three negative adjustments but only one significant drop of over 5%. The current difficulty is 83.68T, just 5% shy of its all-time high (ATH). Glassnode data shows that the hash rate, a measure of the processing power dedicated to mining Bitcoin, is striving to return to 600 exahashes per second (eh/s), with the ATH being 655 eh/s on a 7-day moving average (7DMA). Despite ongoing mining capitulation, hash ribbons briefly indicated an end to this capitulation when the 30-day moving average (30DMA) rose above the 60DMA. However, the 30DMA has since dipped below the 60DMA again. This movement suggests the end of the mining capitulation is near. Hash Ribbon: (Source: Glassnode) Additionally, Bitcoin’s price has rebounded from the short-term holder realized price, marking the second-best start to a post-halving period. With US equities at all-time highs, Bitcoin is poised for potential growth, signaling that the worst of the price action might be over. The post Bitcoin difficulty drops marginally amidst signs of approaching mining capitulation end appeared first on CryptoSlate. Source: https://cryptoslate.com/insights/bitcoin-difficulty-drops-marginally-amidst-signs-of-approaching-mining-capitulation-end/

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Filed under: News - @ June 20, 2024 6:16 pm