Data from Glassnode revealed that Bitcoin’s crypto mining difficulty was adjusted by -16%, the second-largest difficulty decrease.
What about Bitcoin crypto mining?
As we have previously explained in CryptoTrend, during the last weeks, Bitcoin has seen significant pressure on the network for several reasons: Increased demand and the end of the rainy season in China.
This has resulted in increased Bitcoin transaction fees. As you well know, from time to time the mining difficulty of Bitcoin is adjusted in order to maintain the time per block.
Given the disconnection of many mining equipment from China as electricity costs rose, the crypto community was already expecting a significant drop in difficulty.
Recall that Bitcoin mining difficulty indicates how difficult and slow it is to find a corresponding hash for any block in Bitcoin.
Accordingly, Glassnode reported on Twitter the second largest difficulty decline in Bitcoin’s history.
This will cause Bitcoin crypto miners to enjoy until the next adjustment.
Bitcoin regains market capitalization, DeFi cools off
Activity on the Ethereum network has cooled off and, as proof, ETH transaction fees have dropped. The reason: Bitcoin has taken the spotlight back by pushing DeFi away.
In this way, according to CoinMarketCap, Bitcoin has increased its dominance over the market capitalization of the entire crypto market.
New product from Binance to make money passively
Binance today unveiled a new investment product called BNB Vault that claims to offer 5% to 10% annual interest through BNB.
“BNB Vault is a capital guaranteed investment product with flexible access. It integrates various Binance products to maximize the income potential of its BNB allows holders to enjoy all the benefits of the Binance ecosystem with one click », According to the press release.
Increase crypto purchase limits on PayPal
PayPal recently announced that it has decided to increase the crypto purchase limit to $ 15,000 per week.
The news shows that PayPal has found great interest from its customers in acquiring various crypto on its platform. However, members of the crypto community refuse the idea of acquiring cryptocurrencies on said platform.
In a few lines …
- Four years ago, during the previous US elections, the price of Bitcoin was USD 700. When Trump won, it increased to USD 735, what will happen today in the crypto market?
- David Roche, Chairman and Global Strategist at Independent Strategy, explained that the digital yuan cannot, for now, challenge the US dollar.
- Jeffrey Gundlach, CEO of the investment management firm DoubleLine, who criticized the crypto market and Bitcoin at the time, said that BTC and gold are a clear hedge against inflation.