While the Bitcoin mining difficulty has been on the rise in recent days, the downward trend continues throughout the cryptocurrency market. According to some opinions, the fact that the mining difficulty continues to rise despite the decline in the market may be a critical factor for the possibility of a reversal of the trend in the coming periods. Bitcoin mining difficulty reaches new heights Although it is known that there is no stable relationship between Bitcoin price and mining difficulty, there are also opinions that the increase in difficulty, which is an indicator that Bitcoin production activities continue rapidly, will indirectly affect the BTC price positively. With the increase in difficulty in the network, miners need to use more hash power to mine Bitcoin compared to previous periods. This may result in a reduction in selling pressure on the market price. How can record levels in mining difficulty affect the market? Although the increasing difficulty does not negatively affect the giant companies operating in the mining sector, the situation is slightly different for smaller enterprises. Small mining businesses are likely to suffer losses due to increased costs if the price of Bitcoin remains stable or falls while the difficulty increases. The latest situation in Bitcoin After the selling pressure from the Bitcoin miners wing eased, Bitcoin saw a short recovery towards $39,000. However, after this local peak, there was a new correction in Bitcoin and the back channel of the market. After visiting the $36.00 band yesterday after the February 2 decline, BTC closed the day at $ 37,311 with the pressure of the buyers towards the close of the day. It is seen that the biggest cryptocurrency, which continues in a positive trend today, is moving towards the $ 38,000 band in afternoon transactions. This positive momentum is spread across the market and the majority of altcoins are on the positive side today.

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The total value of crypto money markets, after seeing a decrease of 4 percent yesterday, is at the level of $ 1.68 trillion with fund outflows of close to 1 percent today. Investing.com data shows that the last 24-hour average trading volume has increased to $ 103 billion, while it is seen that the volume has increased from the seller side. While the average decline in the top 10 cryptocurrencies in the last 24 hours continued as 4.91%, the asset that lost the most value among the largest cryptocurrencies today is Solana. The SOL token has dropped 11% in the last 24 hours, dropping below the $100 support and falling to $96.5. The cryptocurrency has gained 5 percent in value compared to its price last week. While there is no positive cryptocurrency in the top 10, the least depreciation is seen in Cardano with 3.84 percent. The largest crypto asset of the market, Bitcoin, continues with a decrease of 5.22 percent today. The crypto asset, which changed hands at $ 36,700 towards the evening hours, has 21 percent of today's total trading volume. Bitcoin dominance rate continues at 41.74 percent with a slight increase compared to yesterday. When we check the Bitcoin Fear and Greed Index, which is updated daily, we see that it has entered the extreme fear zone by falling to the level of 20 today. The index was in the fear zone at 28 yesterday.
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More from Jonas Kazlauskas

The total value of crypto money markets, after seeing a decrease of 4 percent yesterday, is at the level of $ 1.68 trillion with fund outflows of close to 1 percent today. Investing.com data shows that the last 24-hour average trading volume has increased to $ 103 billion, while it is seen that the volume has increased from the seller side. While the average decline in the top 10 cryptocurrencies in the last 24 hours continued as 4.91%, the asset that lost the most value among the largest cryptocurrencies today is Solana. The SOL token has dropped 11% in the last 24 hours, dropping below the $100 support and falling to $96.5. The cryptocurrency has gained 5 percent in value compared to its price last week. While there is no positive cryptocurrency in the top 10, the least depreciation is seen in Cardano with 3.84 percent. The largest crypto asset of the market, Bitcoin, continues with a decrease of 5.22 percent today. The crypto asset, which changed hands at $ 36,700 towards the evening hours, has 21 percent of today's total trading volume. Bitcoin dominance rate continues at 41.74 percent with a slight increase compared to yesterday. When we check the Bitcoin Fear and Greed Index, which is updated daily, we see that it has entered the extreme fear zone by falling to the level of 20 today. The index was in the fear zone at 28 yesterday.
165 views ·