🔥🔥With Bitcoin, Mining Difficulty Also Decreased Sharply: What Could Be the Effect on the Price?

$BTC

Bitcoin (BTC) mining difficulty has experienced one of its biggest drops in a long time.

Bitcoin and other cryptocurrencies, Mt. Gox and the selling pressure of miners, according to BTC.com data, Bitcoin mining difficulty decreased by 5% with the last adjustment and continued the downward trend that has been going on for 1.5 months. With this decrease, Bitcoin mining difficulty decreased to 79.5 trillion.

This decrease in mining difficulty occurs in parallel with miners shutting down their devices due to their inability to make profits at current prices. According to QCP Capital's analysis yesterday, this could be interpreted as a bottom signal in Bitcoin price. Mining difficulty increased by 1.48% on May 9, the last adjustment, and has increased only once in the past 5 adjustments. For the next adjustment, according to current estimates, Bitcoin mining difficulty is expected to increase by 0.04%.

On the other hand, although the Bitcoin hash rate is at a very high level of 568.75 EH/s, it takes Bitcoin miners more than 10 minutes to create a new block. While Bitcoin mining difficulty has increased by approximately 5% since the beginning of this year, the Bitcoin price has increased by approximately 35% in the same period.

This decrease in Bitcoin mining difficulty could increase the profitability of miners and reduce selling pressure, leading to a recovery in prices. But major drawdowns can cause investors to panic, leading to further declines in prices in the short term.

Bitcoin is trading at $54,218 with a 7% volatility in the last 24 hours.

My dear friends, do not spare your free support. I am trying to bring such news to you instantly. My only request from you is if there is anyone who still does not follow me, I would be happy if they follow me.Do not forget to like my articles and posts. Thank you.