Bitcoin ETF

Bitcoin

Read

<figure>
 <figcaption>
  Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<p dir="ltr">The Bitcoin mining difficulty is growing quickly and has notably returned to its peak. With the mining difficulty recalibratingevery two weeks, the latest reading, as<a href="https://x.com/ki_young_ju/status/1853648005104390221" rel="noopener noreferrer nofollow">spotlighted</a> by CryptoQuant cofounder and CEO Ki Young Ju, just surpassed 101.6T.</p>
<h2 id="unusual-bitcoin-mining-trend">Unusual Bitcoin mining trend</h2>
<p dir="ltr">As Ki Young Ju noted, it is almost impossible to imagine that Bitcoin mining difficulty almost exceeded 100,000,000,000,000 a few years back. He noted that this jump to a new all-time high has been the trend for a while, as Bitcoin keeps smashing records irrespective of price action.</p>
<blockquote class="twitter-tweet">
 <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> mining difficulty just hit 101.6T.This caused an overflow on our end — never imagined it would surpass 100,000,000,000,000 back in the day.BTC network fundamentals keep hitting new all-time highs every day, regardless of price action. <a href="https://t.co/k4QTjTCOV8" rel="noopener noreferrer nofollow">pic.twitter.com/k4QTjTCOV8</a></p>— Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1853648005104390221?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 5, 2024</a>
</blockquote>
<p dir="ltr">The growing mining difficulty has crucial implications for the digital currency. For one, the harder it is to mine one block, the scarcer Bitcoin emissions will be. This will directly impact the circulating supply which, if matched with higher demand, might trigger a price rally.</p>
<p dir="ltr">The Bitcoin network fundamentals suggest a potential rally ahead. However, the major source of institutional BTC demand, the spot Bitcoin ETF market, bled out earlier today, with<a href="https://u.today/bitcoin-etfs-record-largest-outflows-of-all-time" rel="noopener noreferrer nofollow">outflows also hitting an unusual high</a>.</p>
<p dir="ltr">In addition, Bitcoin looks primed to take advantage of this positive network trend and reclaim the psychological level of $70,000.</p>
<h2 id="more-growth-triggers-to-watch">More growth triggers to watch</h2>
<p dir="ltr">At the time of writing, the Bitcoin price was changing hands for $68,847, up marginally by 0.48% in the past 24 hours. Notably, the coin is experiencing<a href="https://u.today/heres-why-this-bitcoin-market-cycle-is-different" rel="noopener noreferrer nofollow">intense volatility</a> amid a pivotal week for the mainstream market.</p>
<p dir="ltr">The sustained rebound in the price of Bitcoin may not come until after the United States Federal Reserve announces its<a href="https://u.today/bitcoin-rally-to-continue-big-fed-rate-cut-probability-soars" rel="noopener noreferrer nofollow">interest rate cut,</a> as expected on Nov. 7. The pivot from the big bank might further catalyze investor sentiment positively.</p>
<p dir="ltr">This is because lower borrowing costs fuel liquidity boosts that might weaken the dollar. For pro-crypto investors, a Bitcoin hedge or as a store of value is a better bet overall.</p> <a href="https://u.today/bitcoin-mining-difficulty-returns-to-peak-levels-0" rel="noopener noreferrer nofollow">Read original article on U.Today</a>

Bitcoin Mining Difficulty Returns to Peak Levels

Table of Contents

U_Today

Other articles published on Nov 5, 2024

Why BNB and SUI Investors Are Turning To IntelMarkets for Huge Returns in Q1 2025

TRON’s Transfer Volume Surges by 1928%: A Strong Contender to Ethereum?

Musk Jesus (MUSKJES) Solana Memecoin to Explode 19,000% Before Exchange Listing, While Shiba Inu ...

Crypto’s Biggest Test Yet: U.S. Election & Fed Rate Cut Could Send Bitcoin Soaring

What Is Polymarket: Exploring the Future of Prediction Markets

Three Q4 cryptos experts say could mirror Solana’s success by 2025

Join our free newsletter for daily crypto updates!