How has the Bitcoin price responded to the network’s latest hiccup?

The Bitcoin (CRYPTO: BTC) price is up 2% over the past 24 hours.

At the time of writing, the world’s original crypto is trading for US$19,571 (AU$31,104).

While the latest gains put BTC up 3% since this time last week, the Bitcoin price remains down 59% year to date.

Still, crypto investors appear unfazed by Monday’s network hiccup.

Bitcoin price sails through mining delay

The network hiccup in question was the 85 minutes it took to mine a block of Bitcoin yesterday.

According to CoinDesk (citing Mempool), that left 13,000 transactions pending while the two latest blocks in the blockchain were mined by Foundry USA and Luxor.

On most days transactions can go through in around 10 minutes. But the Bitcoin price looks to have been spared any sell-off from hiccup as these types of delays, while inconvenient for some users, aren’t all that unusual.

“A time between blocks of 85 minutes happens every 34 days or so,” tweeted Tadge Dryja, founder of the Lightning Network.

Cryptos lift on strong tech rally

Crypto investors have been more focused on the broader, though turbulent, rally in tech stocks than any sporadic mining delays.

The Bitcoin price has traded in close correlation, though often magnified, to the Nasdaq Composite Index (NASDAQ: .IXIC) this year.

And with some bullish data indicating US consumers are in a strong position despite the inflation and interest rate headaches, the tech-heavy Nasdaq Composite is up 2.8% over the past week. This was locked in by a 3.4% gain overnight.

The post How has the Bitcoin price responded to the network’s latest hiccup? appeared first on The Motley Fool Australia.

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More reading

• Crypto surges: Is now the time to buy Bitcoin and Ethereum?
• I’ve already made 158% on Bitcoin. Here’s why I keep holding
• Is Google now joining the crypto party following its latest move?
• Why is the Bitcoin price outperforming for Australian crypto investors?
• The Bitcoin price just tumbled back below US$20,000. What’s happening?

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bitcoin. The Motley Fool Australia has positions in and has recommended Bitcoin. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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