Bitcoin mining difficulty collapses for the second time in its history
Glassnode data revealed that the difficulty of Bitcoin crypto mining was adjusted by -16%, being the second largest decrease in difficulty.
Crypto week: Bitcoin’s highs, euphoria and controversy
What about Bitcoin’s crypto mining?
As we have explained previously in Crypt Trend, during the last weeks, Crypto Trader has seen an important pressure on the network for several reasons: Increased demand and the end of the rainy season in China.
This has resulted in an increase in Bitcoin transaction fees. As you know, from time to time Bitcoin’s mining difficulty is adjusted in order to keep the time per block.
Given the disconnection of many mining equipment in China as electricity costs increased, the crypto community was already expecting a significant drop in difficulty.
Remember that the Bitcoin mining difficulty indicates how difficult and slow it is to find a corresponding hash for any block in Bitcoin.
Consequently, Glassnode, reported on Twitter the second largest difficulty drop in Bitcoin’s history.
This will cause Bitcoin’s crypto miners to enjoy themselves until the next adjustment.
Bitcoin miners‘ revenue grew 8% in October
Bitcoin recovers market capitalization, DeFi cools down
Activity in the Ethereum network has cooled and, as proof, ETH’s per-transaction fees have decreased. The reason: Bitcoin has taken over the spotlight by moving DeFi away.
Thus, according to CoinMarketCap, Bitcoin has increased its dominance over the market capitalization of the entire crypto market.
Institutional investors bet on Bitcoin
New Binance product to make money passively
Binance today introduced a new investment product called BNB Vault that claims to offer 5% to 10% annual interest through BNB.
„BNB Vault is a capital guaranteed investment product with flexible access. It integrates several Binance products to maximize the revenue potential of your BNB allowing holders to enjoy all the benefits of the Binance ecosystem with one click,“ according to the press release.
PayPal increases the purchase limit for cryptosystems
Increase crypto purchase limits on PayPal
PayPal recently announced that it has decided to raise the crypto purchase limit to USD 15,000 per week.
The news shows that PayPal has found great interest from its customers in acquiring various crypts on its platform. However, members of the crypto community are refusing the idea of acquiring crypto currencies on that platform.
Bitcoin is not interested in the results of the US elections