Bitcoin mining difficulty continues to set new records.

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As Bitcoin mining difficulty reaches a historic peak, the leading cryptocurrency Bitcoin is expected to surpass the psychological barrier of $70,000. The Federal Reserve's (Fed) interest rate cut decision and the increase in mining difficulty are critical for Bitcoin investors. These dynamics have the potential to initiate a new rally in the market.

As Bitcoin mining difficulty reaches record levels at a dazzling pace, the cryptocurrency market is gaining significant momentum. The record-high mining difficulty indicates the potential to raise prices by keeping Bitcoin's supply limited. At the same time, investors are focused on the Fed's possible interest rate cut decision.

BITCOIN MINING DIFFICULTY AT ALL-TIME HIGH

A new era is opening in the world of Bitcoin mining. With adjustments made every two weeks, the continuously rising mining difficulty has set a new record in the sector. According to the statements of Ki Young Ju, CEO and co-founder of CryptoQuant, the difficulty level has surpassed the 101.6 trillion mark.

In his assessment, Young Ju stated, "Just a few years ago, no one could even imagine these levels," while also pointing out another noteworthy aspect. He emphasized that despite the fluctuations in Bitcoin prices, mining difficulty has continued to rise steadily.

This development in the cryptocurrency world directly affects Bitcoin's supply. The increase in mining difficulty is expected to raise prices in the event of increased demand, as it reduces the amount of Bitcoin in circulation. Experts suggest that the robust infrastructure of the Bitcoin Blockchain network could be a harbinger of a potential rise in the future.

On the other hand, the value losses and high outflows experienced in the Bitcoin ETF market at the beginning of the day are attracting investors' attention. However, Bitcoin is preparing to retest its psychological resistance at $70,000. In the last 24 hours, Bitcoin has recorded a 0.48% increase and is trading at $68,847.

While the Federal Reserve (Fed) is expected to cut interest rates on November 7, this decision is anticipated to positively impact investor confidence. Experts believe that a low-interest environment will weaken the dollar, increase liquidity, and make Bitcoin more attractive as both a store of value and a hedge against risk.