According to data from the blockchain explorer Mempool, the Bitcoin mining difficulty rose 3.9% this Tuesday, with the difficulty adjustment came at block height 866,880, reaching a record of 95.7 trillion. According to The Block’s data dashboard, the 7-day moving average of Bitcoin’s network hashrate also set a historical of 723.6 EH/s for the first time, breaking through the 700 EH/s mark.
Despite Bitcoin experiencing a thrilling rise of $10,000 within 10 days, reaching an uplifting $69,500 on October 21st, the market seems to have entered a consolidation phase, hovering between $66,000 and $68,000. However, this has not stopped the market’s optimistic sentiment from gradually rising. It is still worth noting that after seven consecutive days of inflows, the Bitcoin ETF first experienced a net outflow on October 22nd. Due to a $134.7 million outflow from ARKB, the net outflow for the day reached a high of $79.1 million. Considering the upcoming U.S. election on November 5th, the trend of Bitcoin’s rise and fall in the last few days remains confusing. However, most people still believe that the great bull market of 2024 has not yet appeared but is imminent.
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