Marcus Sotiriou, Market Analyst at Listed Digital Asset Broker global block (TSXV: Block)
Bitcoin exploded last week with a staggering 24% move as Bitcoin mining difficulty also rose. indicator. The metric resets every two weeks for him and has risen by more than 10% over the last week according to data from BTC.com. This is his biggest rise since October.
Bitcoin mining difficulty dropped 3.6% before the last update after winter storms shut down some miners. But now it looks like the miners are back online with newer, more efficient machines.
What does this tell us?
This shows that despite the bear market, some Bitcoin mining companies remain confident about Bitcoin’s long-term prospects. In fact, Bitcoin miners such as Marathon and Hive Blockchain are continuously deploying efficient machines. Marathon, one of the largest US-based Bitcoin mining companies, is pleased with the growing presence of cryptocurrencies at the government level.
The United States has now created its first-ever subcommittee on digital assets, which will become part of the House Financial Services Committee. Rep. French Hill, leader of the Digital Assets Subcommittee, said:I want to create a regulatory legal framework for digital assets …that not only makes America a leader in terms of innovation, but also protects consumers and investors. This is a step in the right direction, despite the lack of constructive action far from the United States in response to the rapid rise of cryptocurrencies.
