Home / Forex News /Bitget Launches 'Bitget Insights' To Enhance Social Trading Initiatives

Bitget Launches 'Bitget Insights' To Enhance Social Trading Initiatives

31 Oct 2022

This month bitcoin’s hash price tapped an all-time low of $66,500 per exahash on Oct. 25, according to statistics from the onchain market intelligence firm Glassnode. Alongside this, the network’s mining difficulty reached a lifetime high at 36.84 trillion on Oct. 23. Despite the high mining difficulty and the lower prices, Bitcoin’s total hashrate reached an all-time high at 325.11 exahash per second (EH/s) as 4,578 blocks were generated during the past 30 days.

While the month of October did see an “Uptober,” as far as 30-day percentage gains are concerned, the month also saw a few mining records. The most notable was the all-time hashrate high recorded at block height 758,138, when Bitcoin’s (BTC) total hashrate reached 325.11 EH/s.

Bitcoin’s hashrate has remained above the 200 EH/s mark all month long, but reached a low of 215 EH/s on Oct. 10. The hashrate average over the last 2,016 blocks (roughly two weeks) was around 259.8 EH/s.

Bitcoin’s record high hashrate has made it so the network has experienced two difficulty changes this month that have increased. The first difficulty adjustment change was the largest difficulty retarget in 2022, jumping 13.55% at block height 758,016 on Oct. 10.

The second retarget in October took place on Oct. 23, as the shift increased upwards again by 3.44%. Both of these upwards shifts combined brought the network’s difficulty to a lifetime high at 36.84 trillion.

The next difficulty change is not due until next month on Nov. 6, and it’s expected to decrease by 1.51%. Price-wise, while the crypto winter has been tough on bitcoin miners, October was the best month out of the last three months for BTC prices.

Bitcoin gained more than 5% against the U.S. dollar during the 30-day span. During the last 30 days, bitcoin miners discovered 4,578 blocks which produced 28,612.50 newly minted bitcoins. Out of the 4,578 blocks, the top mining pool, Foundry USA, discovered 1,186 blocks.

Over the last 30 days, Foundry’s total hashrate equated to 25.91% of the global hashrate. During the last month, bitcoin miners have managed quite the feat by pushing the hashrate and mining difficulty to record highs, while bitcoin’s hash price has been at the lowest it’s ever been in close to 14 years.

With all these factors, it will be interesting to see what happens to the hashrate and difficulty metrics when bitcoin’s hash price reaches higher prices, rather than the all-time lows recorded this month.

What do you think about the state of bitcoin mining during the month of October? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.

This month bitcoin’s hash price tapped an all-time low of $66,500 per exahash on Oct. 25, according to statistics from the onchain market intelligence firm Glassnode. Alongside this, the network’s mining difficulty reached a lifetime high at 36.84 trillion on Oct. 23. Despite the high mining difficulty and the lower prices, Bitcoin’s total hashrate reached an all-time high at 325.11 exahash per second (EH/s) as 4,578 blocks were generated during the past 30 days.

While the month of October did see an “Uptober,” as far as 30-day percentage gains are concerned, the month also saw a few mining records. The most notable was the all-time hashrate high recorded at block height 758,138, when Bitcoin’s (BTC) total hashrate reached 325.11 EH/s.

Bitcoin’s hashrate has remained above the 200 EH/s mark all month long, but reached a low of 215 EH/s on Oct. 10. The hashrate average over the last 2,016 blocks (roughly two weeks) was around 259.8 EH/s.

Bitcoin’s record high hashrate has made it so the network has experienced two difficulty changes this month that have increased. The first difficulty adjustment change was the largest difficulty retarget in 2022, jumping 13.55% at block height 758,016 on Oct. 10.

The second retarget in October took place on Oct. 23, as the shift increased upwards again by 3.44%. Both of these upwards shifts combined brought the network’s difficulty to a lifetime high at 36.84 trillion.

The next difficulty change is not due until next month on Nov. 6, and it’s expected to decrease by 1.51%. Price-wise, while the crypto winter has been tough on bitcoin miners, October was the best month out of the last three months for BTC prices.

Bitcoin gained more than 5% against the U.S. dollar during the 30-day span. During the last 30 days, bitcoin miners discovered 4,578 blocks which produced 28,612.50 newly minted bitcoins. Out of the 4,578 blocks, the top mining pool, Foundry USA, discovered 1,186 blocks.

Over the last 30 days, Foundry’s total hashrate equated to 25.91% of the global hashrate. During the last month, bitcoin miners have managed quite the feat by pushing the hashrate and mining difficulty to record highs, while bitcoin’s hash price has been at the lowest it’s ever been in close to 14 years.

With all these factors, it will be interesting to see what happens to the hashrate and difficulty metrics when bitcoin’s hash price reaches higher prices, rather than the all-time lows recorded this month.

What do you think about the state of bitcoin mining during the month of October? Let us know what you think about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework

Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.

Binance coin rose to a five-month high on Monday, as cryptocurrency prices continued to trade higher. The token rose to its highest point since mid-May, extending recent gains in the process. Avalanche was also in the green, climbing to a six-week high during today’s session.

Binance coin (BNB) rose to a five-month high to start the week, as cryptocurrency markets surged on Monday.

BNB/USD moved to a peak of $336.52 earlier today, which comes less than a day after trading at a low of $307.37.

Monday’s rise in price sees the token hit its highest point since May 9, when the coin was trading at $359.

Overall, BNB has now extended its recent bull run, with prices moving higher for a fourth consecutive day.

Despite recent hacks on a blockchain linked to Binance, its native token remains unscathed, and has now risen by as much as $100 in the last ten days.

As a result of this, the 14-day relative strength index (RSI) has risen to overbought territory, and is now tracking at its highest point since last April.

Another notable mover in today’s session was avalanche (AVAX), which rebounded following a volatile weekend.

Following yesterday’s low of $17.96, AVAX/USD was able to climb to a high of $19.71 on Monday.

Today’s move came as the token moved above its recent resistance of $18.50, hitting its highest point since mid-September in the process.

Looking at the chart, the RSI for AVAX is currently tracking at 68.49, which is slightly under a ceiling of 70.00.

This is the strongest point the index has reached since early August, and will likely be the biggest obstacle preventing the token from further surges.

In order to move above $20.00, bulls will need to first ensure that the RSI moves well past this upcoming wall.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story
Analysis, Avalanceh, Avalanche, AVAX, binance coin, bnb, Cryptocurrency

Could we see avalanche hit $20.00 ahead of Wednesday’s FOMC meeting? Let us know your thoughts in the comments.

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.

Binance coin rose to a five-month high on Monday, as cryptocurrency prices continued to trade higher. The token rose to its highest point since mid-May, extending recent gains in the process. Avalanche was also in the green, climbing to a six-week high during today’s session.

Binance coin (BNB) rose to a five-month high to start the week, as cryptocurrency markets surged on Monday.

BNB/USD moved to a peak of $336.52 earlier today, which comes less than a day after trading at a low of $307.37.

Monday’s rise in price sees the token hit its highest point since May 9, when the coin was trading at $359.

Overall, BNB has now extended its recent bull run, with prices moving higher for a fourth consecutive day.

Despite recent hacks on a blockchain linked to Binance, its native token remains unscathed, and has now risen by as much as $100 in the last ten days.

As a result of this, the 14-day relative strength index (RSI) has risen to overbought territory, and is now tracking at its highest point since last April.

Another notable mover in today’s session was avalanche (AVAX), which rebounded following a volatile weekend.

Following yesterday’s low of $17.96, AVAX/USD was able to climb to a high of $19.71 on Monday.

Today’s move came as the token moved above its recent resistance of $18.50, hitting its highest point since mid-September in the process.

Looking at the chart, the RSI for AVAX is currently tracking at 68.49, which is slightly under a ceiling of 70.00.

This is the strongest point the index has reached since early August, and will likely be the biggest obstacle preventing the token from further surges.

In order to move above $20.00, bulls will need to first ensure that the RSI moves well past this upcoming wall.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story
Analysis, Avalanceh, Avalanche, AVAX, binance coin, bnb, Cryptocurrency

Could we see avalanche hit $20.00 ahead of Wednesday’s FOMC meeting? Let us know your thoughts in the comments.

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.

PRESS RELEASE. October 31, 2022 – Leading global cryptocurrency exchange Bitget announces the launch of its new feature “Bitget Insights’. The feature serves to integrate social media with social trading via the Bitget exchange. The launch signifies the next stage in Bitget’s crypto social trading initiative, aimed at benefiting both new retail investors as well as seasoned traders.

With Bitget Insights, new traders will have the opportunity to glean insights from experienced traders. Compared to existing social media platforms, Bitget guarantees that all shared insights come from verified and credible traders in the first stage, thus saving new traders time, resources and potential losses resulting from cryptocurrency ‘shilling’, false endorsements or other crypto scams.

To assure that Bitget Insights provides valuable and insightful views to users, only those traders that meet certain criteria, which include being an actual verified trader on the Bitget platform, are able to share and post with this new feature. In addition, they must have a substantial and verifiable following across various social media platforms. Other traders can follow and take advantage of the insights, such as the technical strategies or market analyses, posted by the verified traders.

Bitget’s decision to accredit qualified traders was based mainly on the fact that malicious agents are common, and scams are frequent on other social media platforms. This makes it difficult for new traders to make informed decisions about their trades and investments. Since traders are verified based on actual trading data on the exchange, Bitget Insights aims to provide better protection for new users entering the markets.

Bitget Insights also enables accredited traders to increase their community presence by sharing market views and trading strategies with potentially millions of existing traders on Bitget’s global platform. Accredited traders can also benefit from Bitget Copy Trade, its flagship crypto social trading product.

Gracy Chen, Managing Director of Bitget, says, “Innovative trading products and social trading services are Bitget’s quintessential and key features. Bitget is a pioneer in crypto social trading thanks to the way it works to improve products through innovation. On ‘Bitget Insights’, the social trading platform where valuable information is more accessible to everyone, the curated and verified traders and selected opinion leaders can post their chart analysis, technical strategies and articles, to share their insights with followers.”

“Above all, we are actively listening to our community and we know that a lot of the information and misinformation about Web3 can be difficult to navigate, especially for new investors. As a crypto CEX (Centralised Exchange), we are in a unique position to help traders and Web3 investors gather information and glean insights from verified traders on our platform. Ultimately, this makes crypto more accessible to wider markets or individuals who might otherwise be hesitant about Web3.”

To celebrate the launch of Bitget Insights, Bitget has prepared a User-Generated Content campaign, which includes giveaway and share contest for the users who post original insights and content on the platform. Winners can share up to 100,000 $BGB, souvenirs signed by Bitget’s latest partner Lionel Messi, and more. For more information, please visit the Bitget website.

About Bitget

Bitget, established in 2018, is the world’s top five leading cryptocurrency exchange with innovative products and social trading services as its key features, currently serving over 8 million users in more than 100 countries around the world.

The exchange is committed to providing one-stop and secure trading solutions to users and aims to increase crypto adoption by collaborations with creditable partners, including Argentinian legendary footballer Lionel Messi, Italian leading football team Juventus, PGL Major’s official esports crypto partner, and the leading esports organisation Team Spirit.

For media queries, please contact:

sylvia.huang.yq@bitget.com

rachel.cheung@bitget.com

 

 

 

 

 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.

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Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.

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