Bitcoin Price Forecast – Has Bitcoin Bottomed Out?
Bitcoin recovered slightly more than 1% during the US session to trade at $19,544. The BTC/USD pair opened the day at $19,266 and has since fluctuated between $19,444 and $19,168.
One of the reasons for the recent slowdown in BTC's upward movement can be linked to its latest fundamentals. On October 17, mining a block of bitcoin (BTC) took nearly an hour, delaying the confirmation of hundreds of transactions.
According to on-chain statistics from various block explorers, the time difference between the two most recent blocks mined by Foundry USA and Luxor was 85 minutes. According to Mempool, over 13,000 transactions were pending before the recent block mining.
Furthermore, Bitcoin had to make a difficult adjustment last week to ensure that block confirmations continued to occur every 10 minutes.
It now costs more to mine bitcoin because the mining difficulty has risen to 35.6 trillion, putting pressure on an industry already struggling with skyrocketing energy costs and a cryptocurrency bear market. The cause of the most recent block confirmation delay is unknown at this time. It did, however, slow the rise in BTC/USD.
A new bill has been introduced in the United States Senate that would grant the Commodity Futures Trading Commission (CFTC) wide authority to regulate prominent cryptocurrencies. Senators Debbie Stabenow (D-MI) and John Boozman (R-AR) have introduced a bipartisan plan to strengthen US agricultural policy.
The public is interested in the ongoing debate over the need for a comprehensive US regulatory framework to identify opportunities and risks in the rapidly growing Bitcoin sector. According to recent comments made by Rostin Behnam, the head of the Commodity Futures Trading Commission (CFTC), effective
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