At the end of July, we decided to make a selection of the most interesting Bitcoin news for this month. Despite the summer drop in market activity, the month turned out to be busy for the first cryptocurrency.
On-chain indicators
On July 24, the Bitcoin network reached a milestone as an 800,000 block was successfully mined. This block included 3,721 transactions, and at the time of mining, the price of BTC was $29,815.
A quick reminder: Bitcoin blocks are created approximately every 10 minutes, and halving occurs every 210,000 blocks, reducing the miners’s reward by half. As of now, there are less than 40,000 blocks left before the next halving, which is expected to happen in April 2024.
The mining difficulty is at historical highs now, but apparently, the next adjustment is about to lead to a drop of about 3.3%. This adjustment will happen on July 26, marking the biggest reduction in difficulty seen this year.
Mining complexity is a dynamic value that shows how difficult it is in terms of the amount of computing power to create a new block. It depends on the hashrate, which is the total power of the hardware involved in mining:
📈 The higher the hashrate, the less time miners need to find new blocks. In this case, the complexity increases;
📉 The lower the hashrate, the more time is spent on mining. In this case, the complexity drops.
The complexity of mining is recalculated every 2016 blocks (roughly once every two weeks) to maintain the 10-minute block creation rate.
Market activity
At the beginning of the month, Bitcoin’s price was at $30,470, and it updated the annual maximum of $31,800 on July 13 amid the market euphoria surrounding the SEC vs Ripple court hearing. And although everything is ambiguous with this case, the market was green that day.
Throughout the month, Bitcoin’s price remained quite stable, with little deviation. However, 2 days ago, on July 24, a sudden drop happened, causing the price to hit the monthly minimum of $28,861. As of the time of writing, the price hovers around $29,200.
Trading volumes also experienced a decrease this month. The announcement of a new rate by the Fed today, on July 26, is expected to introduce more volatility to the market.
Despite the market’s stagnation, Bitcoin still attracts attention from politicians in the United States. Additionally, anticipation of news regarding the spot bitcoin ETF has resulted in a freeze in market activity. That is why the CEO of BlackRock, the largest investment fund, has expressed bullish sentiment towards the first cryptocurrency.
💌 Earlier, we made forecasts for Bitcoin’s price performance this year. So, we encourage you to get acquainted with these predictions to be ready for various scenarios that may unfold!
Next Bitcoin all-time high prediction
