Bitcoin Price Stable at $19.3k as Bitcoin Network Difficulty Sets Another Record

Bitcoin is currently stable around $19.3ki at the time of writing, after the last 24 hours slow. The largest cryptocurrency by market capitalization is consolidating above the $19k price level after a stalemate-like situation between bulls and bears. Altcoins were also largely unchanged at the end of the day, with one exception. More on that later.

In other news, Bitcoin network difficulty has increased by more than 3.44% and is at an all-time high. This is particularly strange as the cryptocurrency is in the midst of a major bear market and miners are facing record low industry revenues. However, total dedicated computing power continues to rise. More on that later.

Invesco strategist Kristina Hooper believes the US Federal Reserve is playing a dangerous game by continuing to raise interest rates. The economist believes that it is unsustainable to continue and could lead to a significant recession in both the US and the world. She also criticized the Fed’s decision to raise it in 0.75% increments, which is relatively large. Previously, the Fed had raised interest rates in 0.25% increments, which was much more sustainable, Hooper said. The coming recession is expected to last quite a long time, as interest rates are quite high, and it will be difficult to achieve an economic recovery. Elon Musk believes it will last until mid-2024.

Bitcoin price is stable at $19.3k

Bitcoin is steadily changing hands above the familiar $19k support level after another sluggish day at the top of the charts. The cryptocurrency shows no desire to make lasting changes, so it has decided to continue trading sideways instead.

The last 24 hours started with BTC rate around $19.45k. It started to rise slightly soon after and was able to reach a 48 hour high of around $19.65k. However, as expected, Bitcoin did not continue the rally and instead spent most of the day defending against the bears coming back into action. It first dropped to around $19.4k and stayed there for a long time. After that, the digital currency fell further to around $19.27k at 5.30pm yesterday and have pretty much been there since.

Bitcoin is now trying to advance its consolidation phase beyond the $19k support level. Price may be waiting for a major signal to make a significant move above or most likely below the main support. The US Federal Reserve’s move to raise interest rates again by 75 basis points (0.75%) could rattle markets around the world and also put pressure on the crypto sector. But that is not expected until November, and the cryptocurrency may continue to trade sideways above the $19k level until then.

Bitcoin’s total market capitalization was around $370 billion and its share of the crypto market was 41.8%.

Altcoins remain stable

Altcoins remained largely stable at the end of the day. Only Polygon (MATIC, 6%) showed a significant change and had a monthly high in the process. Other significant moves came from Ripple (XRP, -1.7%) , Avalanche (AVAX, -1.8%) and Unus Sed (LEO, -1.9%) .

In other news….

Bitcoin network problems set new record

The Bitcoin network is placing one anomaly after another when it comes to the overall difficulty of the network. The total difficulty increased by another 3.44% at block number 760,032 to reach 36.84 trillion.

The BTC network is expected to become more and more secure over time thanks to the brilliant incentive program offered by the system. However, with the bear market, the network is expected to lose some value as it is not profitable for miners to stay in the game and take too many losses. The same was expected this time too, but miners have exceeded expectations and continue to deploy more and more mining hardware for this purpose.

However, it is expected that this will not last long. Hash rate may drop again after this growth spurt.

Bitvavo banner 1

Leave a Comment