Bitcoin Slips Sharply In Trade, 'Mining Difficulty Hits Fresh All-Time High': Report

The cryptocurrency markets are sharply under pressure this month, after the latest interest rate hike by the US Federal Reserve. The tight monetary policy by major central banks is influencing investors to take shelter under assured investment options. Triggered by recession worries, in the past 1 month, Bitcoin, the largest cryptocurrency fell around 12% in trade.

Additionally, according to an available report by Kitco News, "Bitcoin mining difficulty hit a new all-time high of 35.61 trillion hashes on Monday as new miners continue to join the network while existing miners ramp up their operations. The climbing difficulty comes in response to a total network hashrate of 257 exahashes per second (EH/s), which is near the record high that was reached last week. Mining difficulty is an automatically adjusting feature of the Bitcoin protocol that determines how difficult it is to mine a bitcoin block."

With consistent struggle in the market, the large cryptocurrencies are falling now. Today, on October 10, Bitcoin again slipped around US$ 19,132. Yesterday, the asset closed at US$ 19,442.10. Bitcoin, in the last 5 days fell by 4.29%.

Following the same trend, today, Ethereum was quoted at US$ 1,307.32, down by 1.22%. Yesterday, Ethereum closed at US$ 1,323.41. Litecoin was quoted at US$ 53.41, down by 0.98%, Dogecoin was quoted at US$ 0.0606 down by 2.29%, and Cardano was quoted at US$ 0.4153 down 1.72% today, till last traded.

Meanwhile, the US stock markets are down today. S&P 500 was down by 0.41%, stood at 3,625.57 points, and Nasdaq Composite was down by 0.69%, stood at 10,579.36, till last traded. On the other hand, the US Dollar index quoted at 113.02 today, gaining by 0.20%.