FXEmpire.com –
Highlights
- Thebitcoin pricejumped past $27,000.
- The Bitcoin network remains strong as the difficulty rate for miners soars to a fresh all-time high.
- The Bitcoin Pizza Day anniversary did little to boost the BTC price but is still significant.
The bitcoin price has broken through the $27,000 level in the middle of a prolonged bear market. Investors could be buying amid signs that the U.S. government is nearing a breakthrough on the debt ceiling crisis. Meanwhile, the Bitcoin network itself is showing signs of strength.
Chart by TradingView
BTC Mining Strength
Bitcoin’s mining difficulty rate in recent days climbed to a fresh all-time high even as the price remains stuck in the doldrums. The rising rate reflects mining activity and is a sign of a strong and secure network, which is bullish for the long-term viability of the network when the buyers return.
The Bitcoin network this month experienced an adjustment in difficulty by just over 3% to a fresh all-time high. The network’s hashrate is hovering at 354.55 EH/s. This performance reflects a growing interest in bitcoin among miners as they increasingly turn on their machines to create more BTC. It’s a bullish sign and could be a harbinger of greater bitcoin adoption in the future.
Meanwhile, the next bitcoin halving event, which historically is accompanied by a bull market, is less than one year away.
Bitcoin Pizza Day Rolls Around
Thebitcoin pricefailed to receive much of a bump from the annual celebration of Bitcoin Pizza Day. The 13th anniversary, which came on May 22, marks when bitcoin holder Laszlo Hanyecz paid over 10,000 BTC for a couple of Papa John’s pizzas. Bitcoin bull and former MicroStrategy CEO Michael Saylor celebrated the day in style.
I hope everyone had a great #Bitcoin Pizza Day. pic.twitter.com/e0WYoNNLhG
— Michael Saylor⚡️ (@saylor) May 23, 2023
If he would have held onto his bitcoin stash, it would be worth approximately $270 million today. However, he is still hailed as a hero among the bitcoin community for bringing a great deal of attention the space and showcasing bitcoin’s use case as a medium of exchange.
This article was originally posted on FX Empire
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