Bitcoin mining difficulty hits record high, wary of large remittances from US government wallets

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Macroeconomics and financial markets

In the US NY stock market on the 12th, the Dow Jones Industrial Average rose 86 dollars (0.25%) from the previous day, and the Nasdaq Index closed at 158 ​​points (1.1%) higher.

The U.S. CPI (Consumer Price Index), which has attracted attention, rose 3.0% year-on-year, falling below market expectations and falling for the 12th consecutive month. The core index, which excludes energy and food, is 4.8%.

The Nasdaq index, which has a high percentage of tech stocks, rose on the positive impression of the slowdown in inflation. At the US Federal Open Market Committee (FOMC) meeting in July, an additional rate hike of 0.25% was priced in, but speculation increased that the rate would be halted again after that.

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Virtual currency market

In the crypto asset (virtual currency) market, the Bitcoin price fell 0.77% from the previous day to 1 BTC = $ 30,320.

BTC/USD daily

Even though the CPI (US Consumer Price Index) rose immediately after the announcement, the top of the $31,000 level, which is the main resistance line (upper resistance line), fell back heavily.

A fund transfer of 9,825 BTC (equivalent to $300 million) was confirmed from two cryptocurrency wallets believed to be linked to the US Department of Justice (DOJ), which has become a cause for caution in the market.

Last November, the U.S. Department of Justice seized a large amount of Bitcoin (BTC) stolen from the dark web “Silk Road,” and in March 2011 sold 9,861 BTC worth $216 million. Court documents reveal that the company plans to sell the remaining 41,500 BTC in four installments within a year.

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According to Glassnode, BTC is currently in a very tight range, with only 4.6% spread between its highs and lows over the past two weeks.

The same price trend was shown in January this year, when the short-term uptrend began.

Minor situation

The difficulty (mining difficulty) of Bitcoin (BTC) reached 53.91 T, +6.45% compared to the previous time, and renewed the highest difficulty ever. With the halving coming up next year, the competition between miners continues to intensify, and the average mining speed (hash rate) continues to hit a record high of 385.87 EH/s.

btc.com

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Click here for a list of market reports published in the past

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