Fear & Greed: 70

Price: $69,500 or £53,500

Hashrate: 722 EH/s

I was going to post this F&G update this morning but I never got around to it because of work. And I’m glad I didn’t because in the afternoon, Bitcoin saw a spike in price which saw it hit 70k.

Risk happens fast.

Now, the election is upon us and the cards have been dealt. All we need to do is survive the night and see what happens. However, there are a lot of people who believe that the election result won’t be called straight away. I tend to lean towards this outcome myself.

But its worth remembering that no matter who is president of the US, Bitcoin isn’t going anywhere. One candidate may be more favourable to it than the other, but in the long run it barely even matters. Adoption will continue and the hash rate of the network will continue to climb. And on that note, we just today hit a benchmark in terms of mining difficulty that saw it surpass 100 trillion. This difficulty adjuster kicks in every 2 weeks or so to ensure that a new block is mined on average every 10 minutes.

To put this more simply, the increased mining difficulty means that miners need to dedicate more computational power to mine the same number of blocks. This, in turn, affects their revenue. It also means the price of Bitcoin has to go up to compensate.

There’s an old saying.

‘When it doesn’t rain, it pours.’

And I think we’re about to see the risk burst from thunderclouds.

Strap in folks.

It’s going to take off.