Bitcoin Network Briefly Faces Delays in Block Formation

Summary: PeckShield Alert has observed unusual behavior on the Bitcoin network, with block formation taking longer than expected. The most recent two blocks were mined 95 minutes apart. The average block time for Bitcoin is around 10 minutes. Crypto analyst Willy Woo suggests that the current phase of BTC consolidation is nearing its end due to interest in purchasing futures contracts.

PeckShield Alert has detected strange behavior on the Bitcoin network. Formation of block of Bitcoin (BTC) took longer than expected, therefore many several transactions processing were delayed.

The most recent two blocks were mined 95 minutes apart by F2pool and Foundry USA, as shown by a snapshot given by PeckShield. The average block time for Bitcoin is around 10 minutes. Similarly, in October of last year, the Bitcoin network experienced a delay in block formation of almost 85 minutes.

Bitcoin Price Trading Sideways

At the time of writing, Bitcoin’s price of $29,866 was relatively steady, despite the fact that it accounted for more than half of the $1.2 trillion cryptocurrency market. After reaching a high of $31,818 on July 13, it has since leveled down to around $30,000. The market’s mood improved momentarily after the latest XRP verdict.

The on-chain analytics firm claims that the price of Bitcoin has had a very stable 6.38 percent range over the last 14 days. In a report from the 19th of July, it was noted that just 5.63 percent of trading hours have recorded a tighter 14-day trading range, increasing the risk of a big shift in either direction.

Furthermore, crypto analyst Willy Woo claims that the current phase of BTC consolidation is nearing its end. This is because of the current interest in purchasing futures contracts. Woo also noted that volatility’s underlying mechanisms may be pointing to the possibility of a more profound transformation.

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