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    Baxia Markets
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    August 14, 2021

    Bitcoin bounces back, aiming at $50,000 again

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    Bitcoin is still moving up and down, but its upward trajectory is obvious. It seems that the “key support levels” many analysts have been talking about had little effect on the performance overall. Many predicted a total collapse when Bitcoin broke below the $30,000 level, but as we can see now, it is thriving just fine. Apart from the pure market movement, there is news on the technical side as well. Bitcoin mining just became a bit harder for the first time since the Chinese crackdown.

     

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    Every 2016 block, or about every two weeks, bitcoin resets how tough it is for miners to mine. Early Friday morning, as expected, the bitcoin code automatically made it about 7.3% more difficult to solve a block. Historically speaking, this spike in difficulty is on the larger side, but it isn’t surprising, nor is it alarming. But it marks the first sizable increase since the Chinese mining ban took effect and serves as a confirmation of a trend we already knew was underway: Some of the miners that used to be in China are finding new homes elsewhere. As the Bitcoin community is recovering, its price stabilizes. 

     

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