Connect with us

Blockchain

Bitcoin Bull Rally Fades, Mining Difficulty Surge By 0.63%

Avatar Of Rajesh Khanna

Published

on

Bitcoin Bull Rally Fades, Mining Difficulty Surge By 0.63%
google news

As the bear hug gets tighter, the price of Bitcoin may drop below $21,000. Recent price movements saw a high of $25,135 and a low of $23,243. The short-term aim for the declining price trend is a drop to $21,000–$20,000.

Bitcoin Bulls Loses Steam

On August 18, Bitcoin, the leading digital asset, is battling to hold over $23,500 as it tries to maintain an upward trend that has been growing for the past two months.

The bulls’ dominance is clearly dwindling on the daily bar chart, and they will soon need to show greater tenacity to continue a price climb.

bitcoinBTC/USD trades at $23k. Source: TradingView

In just one week, the Crypto Market Fear and Greed Index dropped from 47 to 30, and in just one day, it went from 41 to 30.

This week’s additional selling pressure could either reverse the upward price trend or put it in an even more vulnerable situation.

Additionally, the MVRV 7-day Detrend Oscillator has developed a negative divergence pattern in response to the recent Bitcoin price trend. It implies that the price of BTC can drop below $21,000. By removing long-term price noise, applying a detrend filter to the price trends makes it easier to spot market bottoms and peaks.

1660843533 743 Bitcoin Bull Rally Fades Mining Difficulty Surge By 063

Bitcoin (BTC) MVRV 7D Detrend Filter. Source: CryptoQuant

Long-term Bitcoin prices have been falling, particularly since November. However, over the past month, the price has increased. The daily timeframe declining channel shows that the BTC price was poised to break above the channel but fails to do so due to the $25,000 psychological resistance level.

According to the crypto trading analyst, Michaël van de Poppe, Bitcoin’s ‘trend remains upward on higher timeframes.’ Poppe stated:

“Crucial to break $23.7K back. If a move to $24K occurs, a flip of $23.7K is trigger for longs. The trend remains upwards on higher timeframes. Still expecting $28-30K in the next weeks.”

Bitcoin Bull Rally Fades Mining Difficulty Surge By 063

Bitcoin price target. Source: Michaël van de Poppe

According to TradingView data, Bitcoin currently has a market value of $449 billion, up 0.10% in the last 24 hours but down 5.03% in the previous week.

Mining Difficulty Surge Amid Downtrend

The most recent network change resulted in a 0.63% increase in the difficulty of mining bitcoins.

1660843533 296 Bitcoin Bull Rally Fades Mining Difficulty Surge By 063

Source: The Block Crypto Data.

A change was made, and BTC.com updated its website on Thursday to reflect it. The Block Research’s data shows that the network’s hash rate has increased by roughly 1.5% since the last update on August 4.

Since May’s cryptocurrency market collapse, Bitcoin’s difficulty has largely decreased. The most recent modest uptick comes after an increase of 1.74 percent on August 4.

Featured image from Pixabay, Chart from TradingView.com, Cryptoquant, and The Block

google news
Advertisement

Blockchain

NFT Marketplace OpenSea Relists Azuki NFTs After Delisting

Avatar Of Rajesh Khanna

Published

on

Opensea Breach, Is Users' Data Trapped By Scammers?
google news
  • OpenSea had to cope with an email data breach and the delisting of BAYC NFTs in June.
  • Azuki’s floor price hardly budged from the time of the delisting fiasco.

Many of the Azuki NFTs that were delisted yesterday on the leading NFT marketplace OpenSea have been reinstated. After the marketplace discovered an error in their Trust & Safety flagging mechanism.

The team stated:

“Hey all, rough morning. There was an error in our Trust & Safety flagging system and a number of Azuki NFTs were briefly delisted. We DID work fast to resolve the issue + all impacted items have been relisted. Also, we’re in direct contact with the @AzukiOfficial team.”

When word spread that the Azuki NFTs had been delisted, the blue-chip NFT collection turned to Twitter to address the issue, stating that they had contacted OpenSea about the delisting emails that had been issued to Azuki holders and were waiting to hear back.

Not the First Time

The official announcement from OpenSea was released about two hours after the first issue was discovered. The NFT marketplace mentioned they did work rapidly to remedy the problem and they have been in direct communication with the Azuki team.

OpenSea further tweeted:

“We’re so sorry for any inconvenience and confusion this may have caused.” 

OpenSea has removed NFTs from a blue chip collection before. Recently, OpenSea had to cope with an email data breach and the delisting of Bored Ape Yacht Club (BAYC) NFTs in June. The situation was fixed in the same amount of time as Azuki’s.

Fortunately for Azuki’s, the floor price hardly budged from the time of the delisting fiasco on Friday and now, when it stands at 9.97 ETH as per recent data.

Recommended For You:

Leading NFT Marketplace OpenSea Now Supports Optimism

google news
Continue Reading

Blockchain

Circle Partners With Truefi To Boost Usdc Adoption

Avatar Of Rajesh Khanna

Published

on

Firm Behind Usdc Stablecoin ‘Circle’ Announces Launch Of Euroc Stablecoin
google news