Yesterday, bitcoin made history by recording another stale block only a few days apart. Stale blocks are quite rare on Bitcoin blockchains, as they mostly come months apart. However, this year has been quite favorable for the bitcoin market as they have already recorded three stale blocks since Jan 27th and Feb 28th, with two recorded on Feb 22nd and 28th, respectively.
Bitcoin is rapidly gaining momentum and taking the 2020 market in a whole new direction. The new stale block had a rough estimation of 625 transactions, which were all included in the other few blocks. Therefore, giving customers the assurance that nothing of value was lost according to a report by BitMex Research.
How Has This Impacted The Bitcoin Trade?
As stated earlier, Bitcoin recorded stale blocks months apart. Since October last year, which was the last time a stale block was recorded, things have completely shifted gears. The rapid block recording is, however, taking the market to a whole new level, which makes it tough for traders.
According to the BeInCrypto report, the recent stale block recording is reported to have increased a double-spend of $3.
Bitcoin Price Action
Over the years, Bitcoin has been the leading cryptocurrency, which records a high customer return rate. In the past week, the coin has increasingly continued to gain popularity with new customers coming on board. This has helped in ensuring that Bitcoin continues to increase the gap with other currencies on the market, hence keeping its price on a higher standard.
However, with the recent stale block announcement, the Bitcoin market is experiencing losses. The $3 double-spend recording indicates if nothing is done, traders could start to deal with large sums of lost value.
Although the intentions of increasing stale blocks are to cover for the already full Bitcoin blocks, when they happen often, they shake the market.
Is There A Reason To Worry?
During hard times, traders often try to find an easy way out that will prevent them from experiencing losses. It is, therefore, possible that traders might find a reason to worry.
However, there is still hopes and a reason to keep trading in the Bitcoin market. In the entire cryptocurrency industry, the Bitcoin network remains to be the most secure. This provides customers with a guarantee that their investment will continue to be secure and safe for everyone.