Bitcoin: No new blocks produced for an hour in unprecedented glitch
PeckShield Alert has reported an unusual occurrence on the Bitcoin network.
A block of Bitcoin (BTC) took more than an hour to mine, keeping transactions in an unconfirmed state.
— PeckShieldAlert (@PeckShieldAlert) July 21, 2023
According to a screenshot posted by PeckShield, the time difference between the two recent blocks mined by F2pool and Foundry USA was about 95 minutes, or 1 hour and 35 minutes. The block time for each cryptocurrency varies, with Bitcoin taking about 10 minutes.
Similar circumstances were reported in October of last year, when Bitcoin had a block production delay of about 85 minutes.
Bitcoin price action
At the time of publication, Bitcoin, which makes up approximately half of the $1.2 trillion cryptocurrency market, was changed little at $29,748. Since reaching a high for the year of $31,818 on July 13, it has fluctuated between $30,000 and $31,000.
As alternative cryptocurrencies resumed the surge that started last week after a court decision that was considered positive for the digital asset market, altcoins like Stellar (XLM) and Maker (MKR) are on the rise.
The on-chain analytics firm hints at ongoing consolidation for Bitcoin, saying that the 14-day Bitcoin Price Range remains extremely tight, residing at a current value of 6.38%.
On July 19, it was noted that with only 5.63% of trading hours recording a tighter 14-day trading range, the probability of a volatile move in either direction is enhanced.
Crypto analyst Willy Woo says there are early signs that BTC consolidation is nearing completion.
This is because futures demand is currently moving the market. Notably, this demand has been climbing against sideways price action, which remains a bullish signal.
Woo also noted that volatility dynamics might be signaling that a larger move is probable.