Bitcoin (BTC) continued to push a new all time high today after completely recovering from the 30% correction less than a week ago. Largely due to mining profitability increasing for Bitcoin Cash, thanks to its difficulty adjustment algorithm and large price increase, the swift drop in Bitcoin hashrate has recovered.
This occurred following a difficulty adjustment for the Bitcoin network, which was unable to adjust difficulty accordingly for the drop, which meant elevated block times. Golix, a Zimbabwe-based cryptocurrency exchange saw a sharp spike in Bitcoin price on the news of a military coup to replace dictator Robert Mugabe.
It’s important to note that unlike many other cryptocurrencies, who pay their developers directly through a block reward-based treasury, Bitcoin does not. Bitcoin’s most recent scaling solution, SegWit (SW), decreases the size of each transaction in a block when using a SW address, but has been slow to gain support amongst the gatekeepers of the community.
Future scaling solutions for Bitcoin will likely include many other innovations including the Lightning Network (LN), which offers an off-chain bidirectional payment channels. Very few companies have entered New York State for Bitcoin on ramping and money transmission.
https://bravenewcoin.com/news/bitcoin-price-analysis-institutional-buying-on-the-horizon/
