BTC price is down 3.3% this week, despite testing $40k multiple times.
BTC price is down 3.3% this week, despite testing $40k multiple times. While there remains no clear event we can point to for its failure to maintain $40k, the market is clearly worried about the Fed's ability to control inflation. A concern that points to a fear of future rate hikes increasing in both frequency and intensity, and that is driving a continued “risk-off” outlook from the market.
BTC difficulty is set to increase nearly 5% this week, with network hashrate gaining some force and moving to its highest in 60 days. As a result, hashprice may end up ~8% down week-on-week following this adjustment, keeping us around the 0.17 mark we’ve traded at for the last 14 days.
Good news yet for the industry following the Bitcoin Mining Council’s announcement of excellent progress in the transition to cleaner power sources with a 60% year-on-year increase.
Elon Musk’s plan to buy Twitter and take it private was approved by the platform’s board yesterday. The Crypto industry has largely reacted negatively to this news; their concerns centering around freedom of speech. With Musk’s track record of crypto price influence, these concerns may have real financial implications. Happy mining!