Bitcoin Mining Difficulty Reaches New Peak
Bitcoin’s mining difficulty climbed to an unprecedented 134.7 trillion on Friday, marking a new all-time high. This increase reflects the growing computational resources dedicated to securing the Bitcoin network. However, Bitcoin’s hashrate—the total computing power—has decreased to 967 billion hashes per second, down from the August 4 record exceeding 1 trillion hashes per second, based on data from CryptoQuant.
Token Lockup Dispute Involving Trump-Linked Crypto Project WLFI
Bruno Skvorc, a developer affiliated with Polygon, publicly accused World Liberty Financial (WLFI), a cryptocurrency project linked to former U.S. President Donald Trump, of confiscating his tokens by refusing to release them. According to Skvorc, WLFI’s compliance team flagged his wallet as “high risk” due to blockchain exposure and declined to unlock his funds.
Skvorc described the situation as “the new age mafia,” emphasizing the lack of recourse due to the project’s high-profile connections. He asserted that he and five other investors were subjected to full token lockups from the outset, suggesting the risk assessment was selectively applied to prevent token releases rather than to restrict initial investments.
Bitcoin Price Peak Predictions Challenged by Analyst
Bitcoin analyst PlanC cautioned against the widespread expectation that Bitcoin’s price will reach its cycle peak by the end of 2024. PlanC argued that such forecasts misunderstand statistical principles, likening the assumption to betting on a fourth consecutive coin flip landing tails after three tails in a row.
He highlighted that basing predictions solely on the three previous Bitcoin halving cycles does not provide sufficient statistical significance to reliably forecast the timing of price peaks.
FinOracleAI — Market View
The record-high Bitcoin mining difficulty signals sustained network security and miner confidence, which is positive for Bitcoin’s long-term fundamentals. However, the decline in hashrate may indicate short-term miner caution or operational challenges, introducing some uncertainty. The WLFI token lockup controversy introduces reputational risks within the crypto ecosystem, potentially affecting investor sentiment in related projects. Analyst skepticism about imminent Bitcoin price peaks suggests market participants should temper near-term price expectations and focus on broader trends.
Impact: Neutral
