Bitcoin price at the end of the week at $35.230, Ether at $2.294 and XRP at $0.68. Amid the top 100 cryptocurrencies, the top three winners of the week are XinFin Network, Compound and Internet Computer. The top three altcoin projects of the week with a bearish trend are Celo, Theta Fuel and Revain. At press time, BTC is trading above $35,000.
Analyst: There is a connection in the middle of Bitcoin price and hash rate! The collapse will continue until this date
The Bitcoin Blockchain’s auto-balancing mechanism is witnessing the largest-ever decline in mining difficulty as China stepped in following strict regulation of the country’s cryptocurrency industry. Bitcoin recorded the biggest drop in mining difficulty with around 28% at 689,471 blocks. However, one model suggests that the BTC price will not hit the bottom until October.
As we previously reported , this difficulty reduction will make it easier for the remaining miners to find blocks at a rate closer to the 10-minute goal. In a series of tweets on July 2, veteran analyst Timothy Peterson cited the mid-link between Bitcoin price and hash rate as controversial proof that the decline is not over. Timothy Peterson adds the following to his explanations on the subject:
When P/P(h) = 1, the Bitcoin price is corrected. Based on the current trend in P(h), this bubble will collapse by October 31st. The rate includes a random combination of a higher hash rate and a lower price. Therefore, the increasing hash rate and stable price also dissolve the bubble.
Charlie Morris: Bitcoin and altcoin prices move as difficulty adjustment passes as expected
According to one observer, the sharp drop in difficulty led to a corresponding drop in process prices, which may have contributed to the price of the leading cryptocurrency rising to $1,000 due to the expectation of a drop. Trade boomed. Recently, the price of BTC is at $35.230, up 4% in the last 24 hours. Before the mining difficulty was reduced, BTC was around $33,700.
Charlie Morris, CIO of ByteTree Asset Management, tweeted hours after the difficulty squeezing that prices dropped from $10 to $6 yesterday. Charlie Morris adds to his comments on the bet:
Bitcoin and altcoin prices are moving as the downward real difficulty adjustment passed as expected this morning. Fares were actually $6 in the past hour, compared to $10 yesterday. Hopefully, processes can now start receiving. They have to.
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