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Bitcoin price at the end of the week at $35.230, Ether at $2.294 and XRP at $0.68. Among the top 100 cryptocurrencies, the top three winners of the week are XinFin Network, Compound and Internet Computer. The top three altcoin projects with a bearish trend of the week are Celo, Theta Fuel and Revain. At press time, BTC is trading above $35,000.

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BTC/USD 4 hourdollarsec chart | Source: TragView

Analyst: There is a relationship between Bitcoin price and hash rate! The collapse will continue until this date

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The Bitcoin Blockchain’s auto-balancing mechanism is witnessing the largest ever drop in mining difficulty as China stepped in after the country’s strict regulation of the cryptocurrency industry. Bitcoin recorded the biggest drop in mining difficulty with around 28% at 689,471 blocks. However, one model suggests that the BTC price will not bottom out until October.

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Source: Timothy Peterson/Twitter

Cryptocoin. com

As we previously reported , this difficulty reduction will make it easier for the remaining miners to find blocks at a rate closer to the 10-minute target. In a series of tweets on July 2, veteran analyst Timothy Peterson cited the relationship between Bitcoin price and hash rate as controversial proof that the decline is not over. Timothy Peterson adds to his comments on the subject:

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When P/P(h) = 1, the Bitcoin price is corrected. According to the current trend in P(h), this bubble will collapse by October 31st. The rate includes any combination of a higher hash rate and a lower price. Therefore, the increasing hash rate and stable price also dissolve the bubble.

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Charlie Morris: Bitcoin and altcoin prices move yellow as difficulty adjustment passes as expected

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According to one observer, the sharp drop in difficulty led to a corresponding drop in transaction fees, which may have contributed to the price of the leading cryptocurrency rising to $1,000 due to the expectation of a drop. There was a paddle in the trade. In recent trades, the price of BTC is up 4% in the last 24 hours at $35,230. Before the mining difficulty was reduced, BTC was around $33,700.

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Source: Charlie Morris/Twitter

Charlie Morris, CIO of ByteTree Asset Management, tweedollarser after difficulty easing that fares dropped from $10 to $6 yesterday. Charlie Morris adds the following to his explanations on the subject:

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Bitcoin and altcoin prices are moving yellow as the downward difficulty adjustment passed as expected this morning. Ücredollarser is already $6 in the last hour, compared to $10 yesterday. Hopefully, transactions can start receiving now. They have to.

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