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Ethereum (Courtesy: Twitter)
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Ethereum Balance On Exchanges Runs 6-Month Low

Ethereum
Ethereum (Courtesy: Twitter)

Ethereum continues to fall in the market. A few weeks back Ethereum was breaching the $412 mark but now it has dropped significantly to be placed at $370 at the time of writing this article.

According to a tweet from Glassnode, $ETH Balance on Exchanges (1d MA) just reached a 6-month low of 17,333,770.930 ETH Previous 6-month low of 17,341,328.644 ETH was observed earlier today.

Earlier, Bitcoin dropped below the $10k mark after over nine percent drop while Ethereum has gone down by 11 percent to reach a price of $387.92.

This comes after the difficulty for Bitcoin mining continues to increase as it is getting closer to the 17T zone. It will mean that the job for Bitcoin miner gets way difficult than it was before. As a result, in the currency scenario, they are spending most of their Bitcoins.

Bitcoin mining difficult went up by 0.59% but it was not enough to push it over the 17 T level, raising the difficulty to 16.95 T. It has however not surpassed it all-time high as the highest was recorded at 17.35T, which the Cryptoverse saw two adjustments, or almost a month ago. It means that the current position is the second-largest BTC mining difficulty in its history.

This is primarily the result of the small drop seen in the adjustment which took place in July, to knock the difficulty level back to 16T.

The mining difficulty of Bitcoin is adjusted every two weeks, in a bid, to maintain the normal 10-minute block time. According to BitInfoCharts.com, it has been moving between 9 and 11 minutes since the previous adjustment, surpassing 10 minutes yesterday.

Miners have spend more of their BTC than generated. When 755 coins more were spent than generated, while the price of bitcoin increased by 4% in the past week and hit USD 12,000 on Monday before correcting lower again.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.