Bitcoin Drops Below $64,000, BTC Mining Difficulty Hits Record Level: Latest Market News
Bitcoin fell below $64,000 after the Fed's interest rate decision.
On July 31, the US Federal Reserve System (FED) announced that it would leave interest rates at 5.25-5.5%, the highest level in 23 years. informs site minfin.ua.
Prior to the announcement of the Fed’s decision, Bitcoin was trading above $66,000. After the announcement, the price began to fall and reached $63,584 on August 1, according to data CoinMarketCap.
According to the latest data, Bitcoin was trading at $64,400, down 3% on the day. Most of the cryptocurrencies with the largest capitalization also showed a decline. Solana decreased the most – by 7.61%.
World ID verification service launched in Austria
The Worldcoin project launched the World ID verification service in Austria. The Worldcoin Foundation has installed Orb scanners in several locations in Vienna. Austrians aged 18 and over can join the 6.3 million users worldwide who have been scanned by World ID.
Austria became the second country after Germany to introduce this service. However, the project faces regulatory pressure in some European countries. In Spain, Worldcoin has been restricted until the end of 2024 or until the investigation is completed, and Portugal has temporarily banned the collection of biometric data by Orb devices.
Decentralized crypto exchange ZKX has stopped working
Decentralized cryptocurrency exchange ZKX, based on the Ethereum and Starknet blockchains, has announced its shutdown due to low user activity and a significant drop in trading volumes. The founder of the exchange, Eduard Jubani Tu, said that the daily income does not cover the cost of cloud servers and other operational costs.
In addition, the current value of the ZKX token does not allow for stable support of the protocol. The founder acknowledged the failure of the TGE (Token Generation Event) and noted that the market underestimates the work done and the infrastructure created.
Bitcoin mining difficulty has reached an all-time high
On July 31, 2024, Bitcoin mining difficulty reached an all-time high of 90.67T. Since the last change date, the indicator is up 10.50%, according to BTC.com.
The average hash rate on the Bitcoin network is 635.34 EH/s. The complexity of mining determines the required aggregate power of the equipment for cryptocurrency mining. An increase in this indicator indicates an increase in activity among miners.
