Mining difficulty for the Bitcoin network has dropped by 5.01% in a major adjustment yesterday.
| | | 📈 30 Second Cryptocurrency Price Summary |
| Bitcoin price has reclaimed the $23,000 mark following yesterday's correction, a prices seem to stabilize across the crypto market. |
| Top-20 altcoins have bounced back too, as Ethereum gains 3%, BNB rises 2% and XRP also advances 2%. |
Top Stories for July 22, 2022 🔥 |
| 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. |
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