Bitcoin’s community has been placing miners by way of the wringer recently, with 5 straight problem will increase that had them on edge. Nonetheless, on Might 4, 2023, at block peak 788,256, the community problem degree took a dip, dropping by 1.45% and bringing the general problem all the way down to 48.01 trillion for the subsequent two weeks.
Bitcoin’s problem degree lastly dropped on Might 4, 2023, after growing 5 occasions for the reason that February 24 enhance of 9.95%. The 5 problem will increase mixed equated to a 22.62% enhance, and the newest drop brings it down 1.45% decrease. The change occurred at Bitcoin block peak 788,256. On the time of writing, the community’s hashrate is 355.90 exahash per second (EH/s).
Simply two days in the past, the Bitcoin community hit a significant milestone as its hashrate soared to an all-time excessive of 491 EH/s at block peak 787,895. However with the subsequent problem adjustment simply across the nook on Might 18, 2023, and fewer than 2,000 blocks away, miners are bracing themselves for what’s to return. Whereas the latest downward problem drop has given them some much-needed aid, present block occasions are nonetheless hovering above the ten-minute common. In truth, the final block interval was a prolonged ten minutes and 49 seconds.
As well as, the Bitcoin community is at present grappling with a mempool with over 200,000 unconfirmed transactions ready to be processed by miners. To expedite the method, customers are shelling out a high-priority payment of $5.05 per transaction, whereas a medium-priority switch will set them again $4.61. As for the highest mining swimming pools on Might 4, Foundry USA takes the cake with 96.62 EH/s of hashpower, accounting for 27.17% of Bitcoin’s complete hashrate. Trailing behind are Antpool (80.38 EH/s), F2pool (48.72 EH/s), Binance Pool (38.16 EH/s), and Viabtc (27.61 EH/s).
What do you assume the longer term holds for Bitcoin’s problem degree? Will it proceed to rise steadily, or can we anticipate extra dips within the coming months? Share your ideas within the feedback part beneath.
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Coingape’s “Voice of Web3” is an inaugural event that is set to attract over 1000 crypto leaders and enthusiasts in late June. The conference intends to have conversations with participants so that they understand how blockchain and cryptocurrency can democratize India’s policy, financial services, and business sectors. It further seeks to encourage mass adoption by bringing together the tech, startup, and developer communities. The event has multiple tracks for everyone, such as a session on future innovations, the evolution of money, business transformation, or even “Crypto 101.”.
Mark your calendar for the last week of June as Coingape brings to you Voice of Web3. This will be a one-stop stage for all things cryptoeconomic, and by this, it means that there is no going back. With the rapid expansion in the realm of cryptocurrencies in the dynamic landscape of digital finance, this event stands out as an icon for enlightenment and inventive ideas.
With Crypto leading the pack at the beginning of the ‘financial internet’, Voice of Web3 plans to bring together more than 1,000 crypto leaders, thinkers, and investors under one virtual podium. This gathering will give room for discussing India’s crypto economy, from first principles to difficult policy conversations.
Whoever you are and whatever your work entails, Voice of Web3 summons you towards a better understanding and design of future finance trends. The tailor-made event suits experienced professional traders, regulators swimming amid policy frameworks, venture capitalists looking for breakthroughs, and corporate leaders looking forward to growth opportunities elsewhere.
The Voice of Web3 event is designed to be an immersive experience with four distinct tracks that are built for various interests and expertise levels found within the crypto and blockchain industry. Here’s a look at each of the tracks that await attendees.
Coingape’s Voice of Web3 is expected to become a significant turning point that will close the gap between the theory and practice of the cryptocurrency economy. This is an opportunity you can’t afford to miss out on; be part of the conversation that shapes the future of finance in India and beyond. Ensure your place at the forefront of the crypto revolution by registering today.
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Bitcoin prices have retained much of their recent gains today. (Photo illustration by Chesnot/Getty … [+]
Bitcoin prices have maintained their strength over the last 24 hours, retaining the vast majority of the gains that materialized during the cryptocurrency’s latest rally.
The world’s largest digital currency by total market capitalization was trading above $65,000 at the time of this writing, according to CoinMarketCap data.
The digital asset held that value after rallying more than 8% in under 24 hours, reaching its highest since approximately April 24 and then extending those gains, additional CoinMarketCap figures show.
Focusing in on bitcoin’s short-term outlook, several market observers highlighted key fundamental developments that could impact the digital asset’s price, in addition to singling out price levels that could provide key support or resistance.
Brett Sifling, an investment advisor for Gerber Kawasaki Wealth & Investment Management, offered some input on this situation.
“Bitcoin remains range bound since the end of February, as the halving event wasn’t enough to push it to new highs,” he stated via emailed comments.
“I don’t see any other major catalysts on the horizon, other than increased institutional adoption. There is also the potential for the Fed to lower rates later this year, which could bring increased optimism for risk-on assets like Bitcoin,” said Sifling, referring to the federal funds rate, which is controlled by Federal Reserve policymakers.
The decisions of the Federal Open Market Committee have generated quite a bit of visibility over the last few years, as these government officials pushed the fed funds rate, which has an impact on broader borrowing costs, to its highest level since 2008.
This, in turn, has provided a significant headwind for economic activity, but inflation data has remained stubbornly high at many points in spite of high borrowing costs.
Yesterday, headline inflation figures that fell short of economist estimates were cited as a catalyst that helped bitcoin prices rally. This development was credited with helping provide investors with greater hopes that the Fed will cut rates soon.
As for the key price levels that technical traders should monitor going forward, Sifling offered some guidance.
“The recent all-time highs in March of around ~$74,000 is a key level to watch, as well as the lows of this recent range at ~$56,500,” he stated.
Grant Tungate, head of business development for Blockforce Capital, also shed some light on this matter.
“I don’t want to make any predictions but I’ll provide some commentary on levels I believe are important,” he said via email.
“Key levels are the new 30d high ~$67.3k, then the all time high ~$74k. On the downside the 30d low ~$57k is an important zone,” Tungate added, pinpointing figures similar to those identified by Sifling.
Armando Aguilar, an independent cryptocurrency analyst, also offered some input on this subject.
“The next critical support level for BTC holds in the high $62k range, if BTC struggles to maintain these levels it could retest low $61k range,” he stated.
“The resistance levels for BTC are in the mid $66k which if breached, we could see the blue chip cryptocurrency cruise to mid/high $68k,” Aguilar added.
“The ATH does provide a key resistance level which would require BTC inflows to pick up as it was the case for the first 2 months since launch. Don’t immediately see levels passing ATH as most custodians have reached maximum distribution capacity thus seeing low inflows into BTC,” he concluded.
Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and sol.
PORTLAND — The Portland Police Department is warning residents about a scam where callers, posing as officials from the Cumberland County Sheriff’s Office, claim that the victims are in contempt of court for failing to appear as witnesses in a trial.
The scammers then demand payment of a substantial fine to avoid further charges, including arrest.
Victims are being instructed to make payments through Coinstar machines using Dogecoin or other cryptocurrencies.
The phone number used for the scam calls, when searched on Google, appears to be associated with the Cumberland County Courthouse.
Authorities urge anyone who receives such calls not to engage with the scammer.
Instead, they should contact the courthouse directly at 207-822-4200 to verify the legitimacy of the call.
Officials have clarified that the courthouse will never request payments over the phone.
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