The Bitcoin network has seen an unprecedented incident, according to PeckShield Alert.
It took almost an hour to mine a block of Bitcoin (BTC), which kept transactions from being confirmed.
The time discrepancy between the two most recent blocks mined by F2pool and Foundry USA was around 95 minutes, or 1 hour and 35 minutes, according to a snapshot shared by PeckShield. Each cryptocurrency has a different block time, with Bitcoin taking around 10 minutes.
Similar events occurred in October of last year, when there was an 85-minute delay in the generation of blocks for Bitcoin.
Bitcoin price action
Bitcoin, which accounts for around half of the $1.2 trillion cryptocurrency market, was barely changed at $29,748 at the time of writing. It has varied between $30,000 and $31,000 since July 13, when it reached its highest point for the year of $31,818.
Stellar (XLM) and Maker (MKR), two alternative cryptocurrencies, are on the increase as alternative cryptocurrencies continue their upward trend that began last week following a court judgement that was seen as favourable for the market for digital assets.
The 14-day Bitcoin Price Range, which is currently sitting at a value of 6.38%, is exceptionally tight, according to the on-chain analytics company, which suggests that Bitcoin is still undergoing consolidation.
On July 19, it was noticed that the likelihood of a wild move in either direction is increased by the fact that just 5.63% of trading hours recorded a tighter 14-day trading range.
Early indications suggest that the BTC consolidation is about to be completed, according to cryptocurrency researcher Willy Woo.
This is due to the market’s present movement being caused by futures demand. Notably, this demand has been increasing although the price has been moving sideways, which is still a positive indicator.
Woo also pointed out that volatility dynamics may be indicating that a more significant shift is likely.
