- Bitcoin’s mining difficulty has risen from 13.6 trillion hashes to 27.53 trillion hashes.
- Bitcoin has been down 0.96% in the last 24 hours.
As long as the narrative persists, Bitcoin will continue to be seen as a safeguard against the poor practices of centralized governments. The CEO of Galaxy Digital, Mike Novogratz, believes that Bitcoin will continue to grow in popularity as long as governments’ economies decline. The top executive of Galaxy Digital hasn’t been the only bull that has reaffirmed their Bitcoin position. According to CEO of MicroStrategy Michael Saylor, Bitcoin is “the American dream” since it is free of political entanglements.
There has been an increase in rivalry among those mining Bitcoin (BTC), the most valuable cryptocurrency by market capitalization, despite a minor decline in price. Since the beginning of the year, Bitcoin’s mining difficulty has risen from 13.6 trillion hashes to 27.53 trillion hashes, according to statistics provided by crypto market analytics firm CryptoRank, a 13.6 percent increase.
Tough Times Ahead
As the volatility in a falling wedge on shorter timeframes diminishes, Bitcoin makes lower highs and higher lows all week. A macro trigger isn’t only restricted to trading circles, though, since concerns about Bitcoin’s future are widespread.
With so much uncertainty swirling around, many analysts fear that the next several months might be particularly volatile. Unfortunately, this would be the case as a result of rising inflationary pressures, the continuing Ukraine-Russia war, and a growing desire to break away from Western currency dependency in general.
Bitcoin may eventually take the crown alongside gold, but the process is likely to be arduous. According to CoinMarketCap, the Bitcoin price today is $40,591.25 USD with a 24-hour trading volume of $30,004,619,224 USD. Bitcoin has been down 0.96% in the last 24 hours.
