Bitcoin celebrates birthday, but price stagnates and mining declines

Bitcoin (BTC) is also seeing some action after the turn of the year. The price still hovers in the range between $16,400 and $16,900. Bitcoin fell into this in mid-December as the Federal Reserve hiked after the FOMC anyway hawkish turned out better than expected, and worries about a recession increased.

As Dutch analyst Maartunn reports, the market is currently very uncertain and there is little volume on both sides. On January 1st, bitcoin could rise a little, but did not get above $16,750 and the price falls to $16,670 on Binance and $15,790 on Bitvavo at the time of writing.

As a result, the bitcoin price is only 0.1% lower today. Trading volume has increased by 7% over the past 24 hours. The total market capitalization is $322 billion and the dominance is 39.9%. The Fear & Greed Index comes out at 26 (Fear).

Bitcoin celebrates fourteenth birthday

It is already 14 years ago, on January 3, 2009, that the first block of the Bitcoin blockchain, the so-called Genesis block, was mined.

The difficulty level of Bitcoin mining decreases slightly

A few hours ago, the bitcoin mining difficulty was adjusted again. It was down 3.6% at an average hashrate of 243.66 exahashes per second (EH/s). This means that the pressure on miners is somewhat eased, although some emphasis has been placed on it.

Will 2023 be a repeat of 2019?

Analyst CryptoOnchain reports that transaction volume on Bitcoin is currently at its lowest point since September 2020. However, according to Crypto Insiders analysts, we could see a return of volatility soon, but the pressure is on the downside.

According to some analysts, volatility could remain relatively low throughout 2023, and we could see a repeat of 2019. According to analyst Kathleen Brendon, it will be a year of endurance.

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