Is it not enough for Bitcoin to fall 70% this year? Bitcoin difficulty hit the biggest drop in 2022

Dec 07,2022
Is it not enough for Bitcoin to fall 70% this year? Bitcoin difficulty hit the biggest drop in 2022

According to the report of the editor of World Chain Finance, Bitcoin, as the most prominent currency among virtual currencies, has attracted the attention of many netizens. Since the beginning of this year, the legend of Bitcoin has come to an end. The falling price has made this virtual currency a currency that many people despise. It is worth noting that CNMO learned that the drop in Bitcoin prices may continue.

Is it not enough for Bitcoin to fall 70% this year?

It is understood that Standard Chartered Bank recently predicted that the price of Bitcoin will plummet to about 5000 dollars next year. At present, the quotation in this currency is USD 17073 (about RMB 119000). In other words, if the forecast is correct, the currency price will fall by about 70%, which is not surprising. It is worth noting that this is not the only institution that predicts that Bitcoin will fall in price.

Previously, Macbeth believed that Bitcoin could plummet again by 40% to 10000 US dollars at the current price level; Charlie Munger even criticized the cryptocurrency "kidnapper" favorable currency. In fact, it is not surprising that Bitcoin continues to fall in price.

Since the beginning of this year, a series of projects and companies in the currency circle have been closed, and the head exchange FTX crisis has also brought down the entire currency circle. The death of the currency circle also casts more dust on the virtual currency. In addition, many countries do not recognize the legitimacy of virtual currency and have taken a series of repressive measures against it. It is estimated that the brutal growth of virtual currency has ended.

Bitcoin difficulty hit the biggest drop in 2022

On December 5, 2022, at the block height of 766080, the bitcoin mining difficulty will decrease by 7.32%, making it the most difficult one in 2022. At present, the difficulty is about 34.24 trillion, and it will remain in 2016 blocks in the next two weeks. As the network difficulty decreases by 7.32%, Bitcoin miners can rest.

Bitcoin has become less difficult, making it easier for Bitcoin miners to find blocks than it was two weeks ago. The difficulty change took place at about 8:50:29 p.m. EDT, with the block height of 766080, which is the largest decline this year. The difficulty is reduced more than the record previously recorded at the block height of 745,920. At that time, on July 21, 2022, the network difficulty decreased by 5.01%, and the difficulty was about 27.69 trillion. Before dropping 7.32% to 34.24 trillion, the difficulty rating of the network was at the highest level in history of 36.95 trillion.

Zhongben created a difficulty repositioning to change every block regularly or every 2016, so the average time for mining a block is about 10 minutes.

Statistics show that before the block height is 766080, the average block time is about 10:48, which means that the difficulty is expected to be significantly reduced before the change. According to experts from Standard Chartered, the price of Bitcoin may fall to 50000 dollars in 2023.


The answer to the biggest drop in Bitcoin difficulty in 2022. However, industry experts said that the worst cycle would be over as early as September 2022. What is more shocking is that in BTC's forecast, Eric Robertsen, the director of global research of the bank, said that BTC's decline may be more unexpected, with a decline of nearly 70%.