Bitcoin mining difficulty hits lowest level since China’s ban

Bitcoin ($BTC) is currently facing drawdowns across multiple metrics, with on-chain data showing a significant decrease in mining difficulty. around insight According to CryptoQuant analyst JA Maartunn, the latest network adjustments have reduced Bitcoin mining difficulty by 11.16%.

Bitcoin hash value is in danger of being reset

Specifically, analysts said that this drawdown in Bitcoin mining difficulty is the largest negative adjustment since July 2021. For reference, this was when China’s mining ban was implemented prior to the massive market crash.

Notably, this mining reset was also the 10th largest difficulty downward adjustment in Bitcoin history. This is described as a major reset in hash power dynamics.

Implicitly, this reset means mining is now easier. bitcoin block. However, this poses a major security challenge as it also means the network is less secure.

this Bitcoin hash rate A correction is one of the indicators regarding Bitcoin that validates the emergence of a bear market.

At the time of writing, the coin’s price is down 46% from its all-time high (ATH) of $126,198.07. However, it rose 1.45% in the past 24 hours to $68,334.21.

Is a bullish reset coming?

Over the past decade, some of the most visible cities have experienced major crashes. $BTC Indicators are always accompanied by a gradual but confirmed recovery.

Indicators such as the Fear & Greed Index have also fallen to levels not seen since the FTX crash, suggesting the market is probably at its worst point in history.

Judging from the previous price, Bitcoin price could start to recover from this point, supported by the oversold Relative Strength Index (RSI). One of the key facilitators that has been highlighted is $BTC Accumulated from Strategy and other top financial companies.

Although critics like Peter Schiff think that $BTC Price drops to $10,000backers like Samson Moe still maintain a $1 million goal.