Bitcoin Network Preps for Another Difficulty Spike as Hashrate Remains Strong and Miners Profit Amid Price Surge

Following the last two difficulty increases on the Bitcoin network, another rise in difficulty is expected to take place on March 24, 2023. Statistics show that Bitcoin's hashrate has remained high despite the last two adjustments, and block times have been faster than the ten-minute average.

Timeline of Bitcoin

As global banks face turmoil, Bitcoin (CRYPTO: BTC) has been experiencing an astonishing rally and its proponents are already looking ahead to the coin's next significant milestone of $30,000.  Since March 8, when problems first surfaced around SVB Financial Group's (NASDAQ: SIVB) Silicon Valley Bank, which has since collapsed and sparked chaos among other lenders, the leading digital currency has surged by roughly 25%.

The Bitcoin market has held $28k for the past few days, despite the altcoin industry remaining generally calm.  Bitcoin funds saw massive outflow last week despite the inflow outweighing the outflows YDT.

According to a new report by CoinShares digital asset investment products recorded six consecutive weeks of outflows totaling $95 million. Over the last five weeks, there has been $406 million in outflows from investment products, with a notable portion of those outflows being related to Bitcoin [BTC].

Caitlin Long, the CEO of Custodia bank, said in a recent interview with CNBC that investing in bitcoin (BTC) is an insurance policy given its incredible performance amidst an ongoing bank crisis.

As Bitcoin (BTC) continues to hang around the $28,000 psychological threshold, demonstrating strength amid the financial crisis that has toppled some of the major banks in the world, its worth to investors becomes more evident, even for those that only decided to join after its all-time high (ATH).

Data shows Bitcoin miners have found some relief recently as their mining revenue has now shot up to the highest level since June 2022. Bitcoin Mining Revenues Have Significantly Deviated From Yearly Average According to the latest weekly report from Glassnode, miners are now raking in $22.6 million per day.

Many people now see crypto, especially bitcoin, as an option to protect investors' money during times of uncertainties in the traditional banking system. The recent banking crisis in the United States has made investors aware of the flaws in the current banking system.

Bitcoin price holds above $28,000 as traders speculate whether more upside momentum still exists. Investors are awaiting the crucial rate hike decision by the U.S. Federal Reserve after the FOMC meeting on Wednesday amid the banking crisis in the U.S. The CME FedWatch Tool indicates there's an 18.1% probability of no rate hike by the The post Bitcoin Bullish Fundamentals Wanes Ahead Of FOMC; Wall Street Estimates appeared first on CoinGape.

As the cryptocurrency market has slowed down its climb over the past few weeks, which has seen Bitcoin's price breach the psychological level of $28,000, the flagship cryptocurrency is painting more bullishness in the future as it seems to be breaking the macro downtrend. The market appears to be pricing in a modest 25 basis The post Bitcoin Price To Defy FOMC Meet Outcome?

The price of XRP suddenly jumped 10% to outperform the top 10 cryptocurrencies by market capitalization. XRP is outperforming Bitcoin and Ethereum in daily gains, as these are up 0.62% and 2.87%, respectively.