Be Aware! Bitcoin’s Biggest Intra-Market Risk Is Here-This Can Take Bitcoin To The Bottom
The extended crypto winter has created turmoil for Bitcoin in the price chart as it continuously trades in a consolidated range below $19.6K. Therefore, monitoring the on-chain activity of leading digital assets like Bitcoin is essential to better understand the crypto market‘s sentiments. Furthermore, the policies made by the Federal Reserve (FED) mark a significant factor for Bitcoin’s further price momentum. Therefore, the upcoming FOMC meeting on 2 November will be vital for the stock and crypto markets as both are interconnected. Furthermore, there is an internal risk also as the bitcoin mining difficulty soars over 3% to make an all-time high. Bitcoin Mining Difficulty Continues To Attain New Highs! The bearish trend of Bitcoin has brought tough competition to Bitcoin miners as the mining difficulty jumps by 3.44% and hits an all-time high of 36.835 trillion hashes. However, the latest spike is not as significant as the previous one, as the mining difficulty increased by 13.55% on 10 October. The difficulty of mining bitcoin depends on the computational power needed to mine one bitcoin. The network fluctuates hash power, making it harder or easier to mine a block every ten minutes. The recent spike in mining difficulty indicates further adjustments to the network, creating more