Bitcoin mining difficulty hits record high: How will it impact BTC?
The post Bitcoin mining difficulty hits record high: How will it impact BTC? appeared on BitcoinEthereumNews.com.
Bitcoin mining difficulty reaches ATH. Bitcoin whales bought over 84,000 BTC in July. Bitcoin [BTC] has been failing to make new highs but crypto investors are still bullish on BTC long-term. VanEck CEO has predicted Bitcoin will reach half the market cap of gold, exceeding the $350,000 price point. Separately, Morgan Stanley advisors will pitch BTC ETFs by BlackRock and Fidelity starting 7th August. These, combined with Trump’s Bitcoin debt idea, signals a powerful future for crypto. However, the asset could be about to face a potential downtrend. Bitcoin mining difficulty hits new high It was reported that Bitcoin mining difficulty and US money supply have hit new all-time highs necessitating more computational power, potentially affecting profitability. This is potentially because of the increased activities on the Bitcoin blockchain. With $900 trillion of global wealth and BTC’s market cap at $1.25 trillion, this is a significant allocation. Source: BitcoinMagazine PRO A recent $3 trillion loss in stocks due to recession fears highlights Bitcoin’s resilience. While traditional assets plummet, BTC remains a focal point. Many investors underestimate cryptocurrency’s potential, making now an opportune time to consider BTC in a diversified portfolio for the long-term gains. Bitcoin whales anticipate rally as BTC investment increases In July, Bitcoin whales bought over 84,000 BTC, the largest purchase since October 2014, amounting to $5.4 billion. While many investors were offloading their holdings, these large holders, owning at least 0.1% of total Bitcoin’s supply, were accumulating according to IntoTheBlock. This significant increase highlights the strategic moves of whales during market fluctuations, reinforcing their influence and confidence in Bitcoin’s long-term potential. Source: TradingView BTC potential downtrend A look at Bitcoin’s MACD shows a lower high in 2024 compared to 2021, trending lower and pushing down swiftly while price is trading higher but in a potential reversal zone. …
Filed under: News - @ August 5, 2024 1:02 am