Bitcoin: No new blocks produced for an hour in unprecedented glitch
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
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.
Woo also noted that volatility dynamics might be signaling that a larger move is probable.