Ripple aims to simplify personal data management by joining DeRec. DeRec develops tools to make Web3 more accessible and secure data recovery. Continue Reading: Ripple Joins Decentralized Recovery Alliance to Simplify Personal Data Management
The Bitcoin mining difficulty has experienced a significant decrease, the largest drop observed in the last 18 months. This change is directly tied to fluctuations in the network’s hash rate, which has dipped below 600 EH/s following the recent halving event. The adjustment, which marks a 5.7% fall in mining difficulty, brings the level down to 83.1 trillion, according to data from Bitbo. This most substantial adjustment since December 2022 reflects broader shifts within the Bitcoin mining landscape. At that time, Bitcoin’s price hovered around $17,000, contrasting sharply with current levels. Notably, the mining difficulty, a metric that determines how challenging it is to find a new block, adjusts approximately every two weeks, or every 2016 blocks. This system ensures that block discovery remains consistent at around every 10 minutes, irrespective of the number of miners. Related Reading: Bitcoin Hits ‘Danger Zone’: Peter Schiff Warns Of ‘Do or Die’ Scenario Impact On Miners And Market Dynamics The recent decline in mining difficulty came after a 10% drop in the network’s hash rate from a seven-day moving average of 639.58 EH/s to 581.74 EH/s. This decrease in hash rate led to longer average block times of about 10 minutes and 36 seconds, up from the standard 10 minutes, before the difficulty adjusted downward at block height 842,688. The reduced hash rate also contributed to a new low in the hash price, which fell to roughly $0.049 per TH/s per day. This decline impacts miners’ profitability, as the hash price, a term introduced by Bitcoin mining firm Luxor, represents the earnings a miner can expect per unit of hashing power per day. However, today’s negative difficulty adjustment may provide some relief for miners, making it easier to mine blocks than in the previous two weeks. Bitcoin Market Reactions And Investment Trends The adjustments in mining difficulty and hash rate come when Bitcoin’s price also shows signs of volatility. After reaching a peak above $73,000 in March, the price has fallen by 16% and is now trading around $61,376. This decline mirrors the broader trend in the mining difficulty, suggesting a possible correlation between these metrics. Related Reading: Bitcoin Bears Keeps Pushing, Why BTC Could Turn Bearish Below $60K? Furthermore, the market has observed subdued activity in the spot Bitcoin exchange-traded funds (ETFs). Data from Soso Value indicates minimal net inflows or outflows, with Bitwise Bitcoin ETF being the only issuer that experienced inflows yesterday. On May 8, the total net inflow of Bitcoin spot ETF was $11.5409 million. Grayscale ETF GBTC has no inflows and outflows. Bitwise ETF BITB saw a single-day net inflow of $11.5409 million. The total net asset value of Bitcoin spot ETFs is $51.504 billion. https://t.co/OkjFkXsACa — Wu Blockchain (@WuBlockchain) May 9, 2024 This trend could signify a cooling interest in Bitcoin investments or a shift in investor strategy following the recent price and mining adjustments. Feature image from Unsplash, Chart from TradingView
Blockchain-based online poker platform CoinPoker launched the biggest crypto poker tournament of the year on May 5th – the CSOP Plus (CSOP+). With an incredible total guaranteed prize pool of $25 Million, this tournament promises to be a thrilling and lucrative event for MTT players. CSOP+ Crypto Poker Tournament Series The May tournament series, known
Most voters in US swing states think that the financial system is not fair, according to a new survey commissioned by venture capital firm Digital Currency Group (DCG). The Harris Poll surveyed 1,201 registered voters in Michigan, Ohio, Montana, Pennsylvania, Nevada and Arizona to explore the attitude of the electorate towards crypto and the current The post Majority of Swing State Voters Feel Financial System ‘Favors Elites Over Regular People’: DCG Survey appeared first on The Daily Hodl .
One widely followed crypto analyst says Bitcoin (BTC) needs to hold current price levels or face a precipitous drop. Crypto trader Michaël van de Poppe tells his 717,100 followers on the social media platform X that BTC could potentially fall by $10,000 in value if current levels aren’t maintained. “Bitcoin is at the range low. This is technically the area where you’d prefer The post With Bitcoin at a ‘Range Low’, Crypto Analyst Picks Out Two ‘Promising’ Altcoins for Traders To Watch appeared first on The Daily Hodl .
US Presidential candidate Donald Trump expressed his support for cryptocurrencies during a Wednesday meeting with a group of NFT holders at his Mar-a-Lago resort in Palm Beach, Florida.
Peter Brandt's recent Ethereum analysis draws market attention. He examined chart formations to predict Ethereum's price movements. Continue Reading: Peter Brandt Draws Attention with His Analysis on Ethereum’s Price Movements
Amid a cooler crypto market, some theatrical degens are blurring the line between performance art and anything-goes meme coin marketing.
Attacker tricks user into sending $68 million in WBTC. Sends back only $153,000 in Ethereum as a gesture. Continue Reading: Attacker Tricks User into Sending $68 Million in Cryptocurrency
Bitcoin has been trending lower after failing to break above $66,000 in early May, deflating hopes of immediate price gains post-Halving. Taking to X, one analyst shared on-chain data that paints a more nuanced picture than a simple loss of confidence in recent weeks. Bitcoin Open Interest Remains Low: Bullish? The analyst, pointing to CryptoQuant data, observes that leveraged traders on perpetual trading platforms like Binance appear to be closing their positions more than opening new ones. The analyst notes that the reading is at -20% at the monthly change in Open Interest. At this level, it shows that more traders are closing more positions than opening new ones. This development suggests that most traders adopt a strategic wait-and-see, watching prices evolve. Related Reading: Bitcoin Whales Lose Interest, Is This A Precursor For A Crash To $50,000? Despite the decrease in positions opening, it’s important to note that this is not a sign of BTC’s downfall or the invalidation of a potential surge. The analyst interpreted this contraction as a strategic move by traders, who are cautiously optimistic and not exiting the market due to bearish expectations. In a separate post, the analyst added that the Bitcoin market needs the current wave of liquidation and “negativity” for accumulating short positions. All short positions opened at spot levels bet that BTC will continue trickling lower, even breaking below $56,500. However, the more short positions there are, the higher the possibility of a “short squeeze” forming. When this happens, there will be a sudden price spike, liquidating shorts and forcing sellers to buy back into the market to prevent further damage. BTC Inside A Trade Range: Will $60,000 Fail? Despite the potential upside hinted by on-chain data, prices remain confined within a narrow range. Last week, bulls failed to close above $66,000, confirming the impressive march from May 3. Bitcoin found resistance and is moving lower toward the psychological $60,000 level. From price action, losses below this line might fast-track the collapse toward $56,500 registered in early May. Going forward, traders will closely monitor how prices evolve after the all-important Halving on April 20. Considering the approval of spot Bitcoin exchange-traded funds (ETFs) and the involvement of institutions, some analysts expected prices to shoot higher immediately. Related Reading: EU Watchdog Considers Crypto Integration Into $12.88 Trillion Investment Market Nonetheless, this has not been the case. Prices continue to hang amid fluctuating inflows to spot ETFs, and the United States Federal Reserve is still not slashing interest rates. Feature image from Shutterstock, chart from TradingView