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Market Musings

Bitcoin Narrowly Avoids Worst Weekly Close of 2021 So Far

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Published on:
July 19, 2021

The world's biggest cryptocurrency was just a couple of hundred dollars away from a grim new milestone.

Bitcoin Narrowly Avoids Worst Weekly Close of 2021 So Far

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Bitcoin has managed to avoid its worst weekly close of 2021 so far… but only just.

 

The world’s biggest cryptocurrency finished the week at $31,785, a mere 0.85% improvement on the $31,518 reported back on July 11.

 

Had BTC closed below this level, it would have marked a worrying new low — indicating a bearish grind downward after weeks of stagnation.

 

Nerves were running high over the weekend after the Grayscale Bitcoin Trust embarked on one of its biggest unlockings to date.

 

On Saturday, shares worth 16,240 BTC were released, meaning investors who purchased them six months ago now have the option to sell them.

 

There were fears that this could have contributed to bearish pressure on Bitcoin’s price, but this didn’t appear to materialize over the weekend. All eyes will now be on Monday’s activity.

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Bitcoin Mining Gets Even Easier 

All of this comes after Bitcoin’s difficulty level fell once again, this time by 4.81%.

 

That follows a record-breaking plunge of 27.94% that came into force two weeks ago.

 

It hasn’t been this easy to mine BTC since January 2020.

 

Difficulty levels are regularly adjusted in response to the number of miners who are contributing to the network.

 

Participation has fallen markedly since China embarked on a crypto clampdown that resulted in many mining farms falling offline. This is good news for the miners who remain online as their activities will now become more lucrative.

Author(s)

Connor Sephton

I cover the crazy world of crypto.

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