Cryptocurrency – latest news and movements in the crypto market

 Cryptocurrency – latest news and movements in the crypto market

Cryptocurrency – latest news and movements in the crypto market.

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Bitcoin’s mining difficulty set to drop by double digits

The mining difficulty on Bitcoin is forecasted to experience a 15 per cent drop, the same as was experienced in March following a cryptocurrency market crash. This follows the steady growth the mining had seen the past couple of months. The Bitcoin mining community has experienced some months during which the difficulty level had been just under 20.00 T. New figures forecasted are just over 17 T, which are on the same level as seen earlier in the year. These levels generally result in improved mining profit margins.

Bitcoin revenue for October reaches $353 mill

Bitcoin, the world’s largest cryptocurrency, saw a substantial amount of revenue generated in October, representing an eight per cent rise from the levels experienced in September. During October, network fees were around $42,9 mill, around 12 per cent over the total revenue. This percentage is the highest since January 2018. The rise can also be attributed to the 30 per cent increase in price Bitcoin experienced during October, as a result of miners selling substantial quantities of their stash due to an increase in value.

Why Bitcoin may be poised for its biggest breakout thus far

Bitcoin has seen significant highs in 2020 thus far, with its price nearly hitting $14 000. According to crypto analytics, it is ‘poised for take-off’ due to these reasons:

  • Correlation with gold and the US dollar, in addition to increased ‘holding’: Bitcoin is correlating with gold at all-time highs while seeing all-time lows with the dollar.
  • There appears to be more Bitcoin holders than ever.
  • There is a decrease in Bitcoin’s supply inflation with the shrinking of supply issuance. This is evident when taking halving into consideration, with the third halving having occurred in May.

Chris Louw

https://sashares.co.za/

Featured Financial Writer for SA Shares - Read more about Chris's Bio -

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