Investing.com - The cryptocurrency sector is trading lower on Monday after a week in which the industry remained largely flat. Bitcoin is hesitantly hovering around $37,000 and Ethereum is wavering around $2,000.
"Bitcoin has failed to make gains this past week, when it has experienced some volatility over the past seven days. The world's largest cryptoasset remains the focus of many investors' attention as speculation and murmurs about the ETF continue to swirl," says Simon Peters, cryptoasset analyst at eToro.
As he explains, "speculation around Bitcoin spot price ETFs continues to rule the cryptoasset market movements at the moment, with rumours that major institutions are still meeting with regulators ahead of a possible launch of this new cryptoasset trading product. As a result, bitcoin is still not getting back on its feet, a few weeks after experiencing a significant price rally.
In addition, Peters recalls that the difficulty of mining bitcoins has reached another all-time high, according to data from BTC.com: "The difficulty of mining bitcoin has steadily increased in 2023 as the computing power of the network has increased with the number of miners and holders.
Peters also references another important news for the crypto industry. and that is that a bitcoin sender has paid a new record fee on the blockchain, collecting $3.1 million in transaction fees. "The sender's wallet was created just minutes before the transaction and the receiver received only 55.78 of the 139.42 bitcoin originally sent," comments the eToro expert.
Translated from Spanish using DeepL.
