WHY IS THE DIFFICULTY OF MINING BITCOIN GOING DOWN RATHER THAN UP?
Hello in the new week! I invite you to read about the Bitcoin situation and crypto news from the world.
The global cryptocurrency market capitalization rose 0.16 percent in the past 24 hours to $1.88 billion, while trading volume fell 14.95 percent in that time to $82.43 billion.
Bitcoin’s dominance currently stands at 42.18 percent, up 0.05 percent on the day. The largest currency in the cryptocurrency space was trading at $42,440; the price has now fallen to $41,300.
Bitcoin’s mining difficulty fell 0.35%, the second time this month, after rising steadily since November. The difficulty adjusts automatically according to the computer strength of the network, known as hashrate, to maintain a reasonably stable time of 10 minutes between each block mined. Bitcoin’s hashrate fell from 248 EH/s to 216 EH/s. This decline is likely the result of disconnection by nonprofit Bitcoin “miners” due to global energy price increases.
Crypto around the world
Crypto adoption is on the rise, but shadows are coming with the tax return period. Spaniards have been warned to comply with all state rules and laws, and those who fail to do so will face costly consequences. A report by the Association for Media Research (AIMC) from a survey of more than 15,600 Spanish web users about their cryptocurrency activities found that almost 13% of respondents own tokens, a 50% increase from 2021.
Russia is trying to replace Apple Pay and Google Pay through Gazprom Pay as they continue to try to expand their services to continue working with global banking networks that have excluded them due to the invasion of Ukraine. Many Russian banks have been excluded from using Apple Pay and Google Pay, prompting Russian banks to find a solution, including a new service called GazpromPay from Gazprombank-a division of state energy giant Gazprom. GazpromPay is due to be launched on 22 March, according to a press release.
Digital Yuan app to be upgraded due to first CBDC fraud. The Central People’s Bank of China’s app, which debuted in 11 cities and regions earlier this year, will get its first update after some citizens tried to use it for money laundering. The app update will include improved accessibility services, voice passwords and enhanced facial recognition features, as well as improved recovery of lost or forgotten login details and passwords.
US Federal Reserve raises interest rates by 25 basis points for first time since 2018 “[…] The Committee has decided to raise the target range for the federal funds rate to 1/4 to 1/2 percent and anticipates that further increases within this range will be appropriate. In addition, the Committee expects to begin reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities at an upcoming meeting.” – the Fed announcement said. The Fed also clearly communicates that it intends to raise interest rates 6 more times this year and 3 more times in 2023.
The Argentine Senate voted to approve a $45 billion debt deal with the IMF to prevent Argentina from defaulting and recovering from the financial crisis. The bill introduces a controversial provision that discourages the use of cryptocurrencies to prevent money laundering, informality and disintermediation. At the same time, the government declares that it will further support the digitisation of payments.
Ukraine is strengthening its position with the legalisation of Bitcoin and other crypto thanks to a law signed by President Zelensky that will pave the way for the start of taxation of cryptocurrencies. The bill aims to do the following:
Grant foreign and Ukrainian cryptocurrency exchanges the ability to operate legally in Ukraine.
Allow domestic banks to hold accounts for cryptocurrency-related companies.
Grant Ukrainians the opportunity to “protect their savings in virtual assets”.
Provide legal recognition and rights for cryptocurrencies and their holders.
What’s up in Mr.Advice?
- If you want to understand what cryptocurrencies are, how the market works, what to look for on the charts then the GOLDEN COURSE by CryptoAaron is for you. You can buy the GOLDEN COURSE HERE.
- Live analysis and regular updates on Bitcoin and other cryptocurrencies are available in the Golden Keys product here. Daily several updates on the situation, with conditions given for each scenario!
- Zoom calendar in the new week:
Zooms with Aaron will be spontaneous this week, announced on the Golden Keys channel.
Have a great week!