Mining difficulty for the Bitcoin network has dropped by 5.01% in a major adjustment yesterday – the largest fall since July 2021, when China cracked down on crypto mining.
The network's hash rate has also tumbled a significant 8.9% since July 6, as both metrics indicate a sharp decrease in Bitcoin mining competition. Mining has become much less profitable during Bitcoin's price decline, forcing miners to exit the industry and others to sell their stockpiled BTC.
Taiwan's Financial Supervisory Commission (FSC) has issued a letter to the banking association, requesting that credit card companies stop taking on crypto platforms as merchants.
The FSC has given the firms three months to comply with the new rules, which will also prevent credit cards from being used for stocks, derivatives and gambling purposes.
Data from Arcane Research analyst Vetle Lunde shows that almost $5.5 billion worth of Bitcoin has been sold off by large, known institutions since May 10. According to Lunde, much of the sales were forced selling, beginning with Luna's UST implosion.
The Luna Foundation Guard accounted for more than 80,000 BTC alone, Tesla sold 29,000 BTC, and other crypto fund-related liquidations made up a significant proportion of the figure.
