Bitcoin remains on the upswing. Bitcoin rose 3.51% today (March 19) and moved at $41,867.75.
- Bitcoin’s bullish move came after the Dow Jones Industrial Average rose 274.17 points, or 0.8%, to close at 34,754.93.
- The S&P 500 rose 1.1% to close at 4,463.12 points.
- The NASDAQ rose 2.05% to close at 13,893.84 points.
Movement in the Crypto Space
Mining Difficulty Reaches New Highs, Forcing Bitcoin Miners to Compete
Although the Bitcoin (BTC) price has fallen since its all-time high, the mining industry has seen growth throughout the year and has continued to reach new highs.
Bitcoin’s mining difficulty (as of March 18) was 27.53 trillion hash, an increase of more than 13.6% over the past year, based on data analyzed by CryptoRank, a crypto market analysis platform.
Looking at these two metrics together, we get an insight into the growing popularity of the Bitcoin mining industry as well as the increased network security, as the large number of miners monitoring the transactions indicates that the security on the network is high.
The increasing number of people turning to Bitcoin mining also explains the current economic uncertainty and the opinion many have on Bitcoin. Many see Bitcoin as a suitable financial safe haven due to the centralization of the current currency system. Since Bitcoin is decentralized.
The Spot Market is Closed
Saturday, March 19, 2022