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On Dec. 5, 2022, at block height 766,080, Bitcoin’s mining difficulty adjustment dropped 7.32% lower, making it the largest difficulty reduction in 2022. The current difficulty is approximately 34.24 trillion and it will remain at this point for the next two weeks or 2,016 blocks.
Bitcoin Miners Catch a Break as the Network’s Difficulty Drops 7.32% Lower
Bitcoin’s difficulty retarget has dropped, which makes it a bit easier for bitcoin miners to find a block than it was during the two weeks prior. The difficulty change occurred around 8:50:29 p.m. (ET), at block height 766,080 and it was the largest reduction this year. The difficulty reduction was larger than the prior record that was recorded at block height 745,920. At that time on July 21, 2022, the network’s difficulty dropped by 5.01% and the difficulty was around 27.69 trillion.

Prior to the 7.32% reduction down to 34.24 trillion, the network’s difficulty rating was at a lifetime high of 36.95 trillion. Satoshi created the difficulty retarget to change periodically or every 2,016 blocks so the average time to mine a block remains constant at around 10 minutes. Statistics show prior to block height 766,080, the average block time was around 10:48 minutes, which meant a notable difficulty reduction was predicted to happen prior to the change.

At the time of writing, at 9:00 p.m. (ET), the total hashrate associated with the Bitcoin network is around 271.33 exahash per second (EH/s). Foundry USA is the top bitcoin mining pool at the time of writing with 25.48% of the network or 64.47 EH/s. Foundry discovered 107 blocks out of 420 discovered in the last three days. Foundry is followed by the mining pools Antpool, F2pool, Binance Pool, and Viabtc respectively.
What do you think about the difficulty dropping 7.32% lower? Let us know what you think about this subject in the comments section below. 


On Dec. 5, 2022, at block height 766,080, Bitcoin’s mining difficulty adjustment dropped 7.32% lower, making it the largest difficulty reduction in 2022. The current difficulty is approximately 34.24 trillion and it will remain at this point for the next two weeks or 2,016 blocks. Bitcoin Miners ...

news.bitcoin.com

Bitcoin’s Difficulty Slides 7.32%, Reduction Marks the Largest Drop in 2022

An Indian central bank official claims that if there is anything cryptocurrencies like bitcoin and ether can do, the Reserve Bank of India (RBI) should be able to create a product that will do the same job without the associated risks. “This is essentially what we are doing in the CBDC experiments,” he stressed.
RBI Official on Cryptocurrency vs Digital Rupee
Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar talked about cryptocurrency and central bank digital currency (CBDC) Friday at an event organized by the Indian Banks’ Association (IBA).
“We saw an environment where private currencies were evolving. We realized that this poses a threat to investors, systems, and the economy. We also realized that private currencies have shown that digitalizing currency can possibly benefit,” the RBI official said. “The way to deal with it was to provide a digital currency.”
Referring to non-government-issued cryptocurrencies, including bitcoin and ether, as “private” cryptocurrencies, the deputy governor opined:
If there is anything that a private cryptocurrency can do, we should be able to create a product that will do that without the associated risks in a safer format in fiat money backed by the government and issued by the central bank. This is essentially what we are doing in the CBDC experiments.
The RBI launched its first retail central bank digital currency (CBDC) pilot on Dec. 1 with the participation of eight banks. The pilot will eventually cover 13 cities across India. The retail digital rupee experiment followed the RBI’s wholesale CBDC pilot which began on Nov. 1 for the trading of government bonds. The wholesale pilot will later be expanded to cover more use cases, including money market instruments.
The Indian central banker noted that the initial CBDC pilots are aimed at ensuring the efficacy of all systems. He described:
As we go along, the pilots will focus on identifying the right technology on the right architecture for distribution of digital currency.

The RBI deputy governor explained that the central bank will build upon the digital infrastructure it is creating, emphasizing that there are many possibilities, including smart contracts and tokenized bonds. He concluded:
There are potentially game-changing choices available, particularly in the area of cross-border transactions. There are a huge amount of inefficiencies in this process that the CBDC can take care of.
Meanwhile, the RBI believes that cryptocurrencies, such as bitcoin and ether, should be completely banned. Sankar said in February, “It would be futile to regulate cryptocurrencies,” warning that crypto products “are fundamentally designed to bypass the established financial system, and on a larger scale government itself.”
What do you think about the comments by RBI Deputy Governor Sankar? Let us know in the comments section below.


An Indian central bank official claims that if there is anything cryptocurrencies like bitcoin and ether can do, the Reserve Bank of India (RBI) should be able to create a product that will do the same job without the associated risks. &#8220;This is essentially what we are doing in the CBDC expe...

India’s Central Bank Digital Currency Should Be Able to Do Anything Cryptocurrency Can Do With No Risk, Official Claims

Bitcoin price extended its increase and tested the $17,500 resistance. BTC corrected gains, but it remains well supported above the $16,800 support.

Bitcoin extended its upward move above $17,100 and $17,300 resistance levels.
The price is trading near $17,000 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $17,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must stay above the $16,800 support to start a fresh increase.

Bitcoin Price Remains Supported
Bitcoin price settled above the $17,000 resistance zone and extended its increase. BTC was able to clear the $17,100 and $17,200 resistance levels.
The price even spiked above $17,400 and traded close to the $17,500 resistance zone. However, the bears were active near the $17,500 resistance zone. A high was formed near $17,440 and the price started a downside correction.
Bitcoin price declined below the $17,200 level and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $17,050 on the hourly chart of the BTC/USD pair.
The price traded as low as $16,888 and is currently rising. It is trading near $17,000 and the 100 hourly simple moving average. It is trading above the 23.6% Fib retracement level of the recent decline from the $17,440 swing high to $16,888 low.
On the upside, an immediate resistance is near the $17,165 level. It is near the 50% Fib retracement level of the recent decline from the $17,440 swing high to $16,888 low. The first major resistance is near the $17,250 zone, above which the price may perhaps start another steady increase.

Source: BTCUSD on TradingView.com
In the stated case, the price could rise towards the $17,500 resistance. The next major resistance is near $17,650, above which the price rise towards the $18,000 zone in the near term.
More Losses in BTC?
If bitcoin fails to start a fresh increase above the $17,165 resistance, there could be more downsides. An immediate support on the downside is near the $16,850 level.
The next major support is near the $16,800 zone. A downside break below the $16,800 support might call for a move towards $16,500. Any more losses might call for a test of the key $16,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just below the 50 level.
Major Support Levels – $16,800, followed by $16,500.
Major Resistance Levels – $17,165, $17,250 and $18,000.


Bitcoin price extended its increase and tested the $17,500 resistance. BTC corrected gains, but it remains well supported above the $16,800 support. Bitcoin extended its upward move above $17,100 and $17,300 resistance levels. The price is trading near $17,000 and the 100 hourly simple moving ave...

newsbtc.com

Bitcoin Price Lacking Momentum Above $17k, BTC Holders Are Safe: Here’s Why

Standard Chartered Bank says the price of bitcoin could drop to $5,000 next year. The bank’s analyst explained that cryptocurrencies could fall further and more crypto firms could “succumb to liquidity squeezes and investor withdrawals.”
Standard Chartered Bank’s $5K Bitcoin Scenario
Standard Chartered Bank published a note titled “The financial-market surprises of 2023” Sunday. The note outlines a number of possible scenarios that “we feel are under-priced by the markets,” wrote Eric Robertsen, Standard Chartered’s global head of research.
One of the scenarios is bitcoin’s price dropping to $5,000 next year, which would be about a 70% drop from BTC’s current price of around $17,000.
Robertsen detailed:
Yields plunge along with technology shares, and while the bitcoin sell-off decelerates, the damage has been done. More and more crypto firms and exchanges find themselves with insufficient liquidity, leading to further bankruptcies and a collapse in investor confidence in digital assets.
The Standard Chartered analyst clarified that the extreme scenarios outlined “have a non-zero probability of occurring in the year ahead, and … fall materially outside of the market consensus or our own baseline views.”
While noting that cryptocurrencies could “fall further” and more crypto firms could “succumb to liquidity squeezes and investor withdrawals,” Robertsen said gold could rally as much as 30% to $2,250 per ounce and re-establish itself as a safe haven. He described:
The 2023 resurgence in gold comes as equities resume their bear market and the correlation between equity and bond prices shifts back to negative.

Commenting on Standard Chartered Bank’s $5K bitcoin price outlook, gold bug and economist Peter Schiff reiterated his prediction that BTC has much further to fall. He tweeted Monday:
Bitcoin has far more downside risk than 70%. After such a decline bitcoin will still be way over-priced, so $5,000 will not even be close to the bottom.
Recently, veteran investor Mark Mobius said that bitcoin could fall to $10,000 next year as the Federal Reserve continues to hike interest rates and tighten monetary policy.
However, some people are still optimistic about the price of bitcoin. Venture capitalist Tim Draper, for example, has doubled down on his BTC price prediction of $250,000 by the middle of next year.
Do you think bitcoin will drop to $5,000 next year? Let us know in the comments section below.



Standard Chartered Bank says the price of bitcoin could drop to $5,000 next year. The bank&#x2019;s analyst explained that cryptocurrencies could fall further and more crypto firms could &#x201C;succumb to liquidity squeezes and investor withdrawals.&#x201D; Standard Chartered Bank&#x2019;s $5K B...

Standard Chartered Bank: Bitcoin Could Fall to $5,000 Next Year

Eric Robertsen – Global Head of Research at Standard Chartered – thinks bitcoin could tumble to $5,000 next year as more cryptocurrency firms might experience liquidity issues.
He believes 2023 could be prosperous for gold, envisioning the yellow metal’s price to surge to $2,250 per ounce.
Next Year’s Potential Trends
As reported by CNBC, Robertson argued that 2023 could bring more pain for the cryptocurrency market, specifically bitcoin. He predicted the asset’s price could crash to $5,000, or a 70% decline compared to the current valuation.
The collapse could come as a result of a future crisis of other cryptocurrency firms and platforms that could find themselves with “insufficient liquidity,” pushing them towards bankruptcy protection. Other negative events like the FTX one could severely affect investor confidence in the sector, Robertson added:
“Yields plunge along with technology shares, and while the Bitcoin sell-off decelerates, the damage has been done.”
The primary digital currency has already lost a considerable chunk of its valuation throughout the ongoing bear market. It traded at around $47,000 at the beginning of 2022, while as of the moment of writing these lines, it stands at about $17,000. 
Contrary to bitcoin, Standard Chartered’s analyst forecasted that gold could be among the big winners next year, soaring to $2,250 per ounce. The price expansion could represent a 25% increase compared to the current level and a new all-time high for the precious metal.
“The 2023 resurgence in gold [also] comes as equities resume their bear market and the correlation between equity and bond prices shifts back to negative,” Robertsen said.
Standard Chartered’s Previous Crypto Views
Bill Winters – CEO of the British multinational banking giant – opined that digitization is part of the future’s financial structure, meaning that the creation and adoption of cryptocurrencies are “absolutely inevitable.” He suggested the rollout of digital assets will be led by both the private sector and centralized organizations:
“I think there is absolutely a role for central bank digital currencies as well as non-central bank-sponsored digital currencies.”
José Viñals – Chairman of Standard Chartered – argued last year that every monetary entity delving into the crypto sector will eventually benefit. 
The banking institution has already dipped its toes by launching a blockchain-based digital trade finance platform called Olea. In addition, StanChart became the first bank to join the Global Digital Finance (GDF) Patron Board.
Viñals raised hopes that other leading companies will follow in those footsteps, assuring that “crypto is here to stay:”
“The cryptocurrency space is an area where the financial institutions need to be present. We are present.”
The post Standard Chartered Analyst Explains Why BTC Will Suffer Even More in 2023 (Report) appeared first on CryptoPotato.

Bitcoin could drop to $5,000 in 2023, while gold could soar to an ATH of $2,250 per ounce in 2023, Robertsen stated.

Bitcoin price	$17,014.00
Low - High 24H	$16,907.00 - $17,380.00
Market cap	$327.01B
Volume 24H	$20.61B
All time high	$69,045.00 -75.36% November 10th 2021
All time low	$67.81 24993.14% July 6th 2013
Genesis date	N/A

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