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

On most days Bitcoin transactions can get verified in around 10 minutes.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

Man sitting at a desk facing his computer screen and holding a coin representing discussion by the RBA Governor about cryptocurrency and digital tokens

Image source: Getty Images

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.

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.

More on Cryptocurrencies

Man looks confused as he works at his laptop. watching the Magnis share price movements
Cryptocurrencies

Something strange is happening with the Bitcoin price in 2023

The Bitcoin price has surged 45% since 1 January, leaving many crypto analysts scratching their heads.

Read more »

A bitcoin trader looks afraid and holds his hands to his mouth among graphics of red arrows pointing down
Cryptocurrencies

Bitcoin price slumps 5% amid regulation fears

Did regulators just drive a stake through the heart of this crypto investment?

Read more »

A woman works on her desktop and tablet, having a win with crypto.
Cryptocurrencies

Own NAB shares? Now you also own crypto

The ASX 200 bank has created a cryptocurrency tied to the Aussie dollar.

Read more »

A woman holds a bitcoin token in her hand as she smiles at the camera in the background.
Cryptocurrencies

Will the Bitcoin price rise 1,400% in 2023?

Where next for Bitcoin?

Read more »

Young man in shirt and tie staring at his laptop screen watching the Paladin Energy share price tank today
Cryptocurrencies

The Bitcoin price crashed 65% in 2022. Here's why

Bitcoin was hit by multiple headwinds in a tumultuous year.

Read more »

A man in a business suit wearing boxing gloves slumps in the corner of a boxing ring representing the beaten-up Zip share price in recent times
Cryptocurrencies

The Bitcoin price got hammered in November. Here's why

There was plenty of the crypto’s characteristic volatility on display last month.

Read more »

a man in a hoodie grins slyly as he sits with his hands poised on a keyboard. He is superimposed with a graphic image of a computer screen asking for a password, suggesting he is a hacker.
Cryptocurrencies

Top 10 signs you've been crypto-scammed

In an awful time for digital assets and consumer protection, the corporate watchdog has published a checklist to make sure…

Read more »

A hip young man with a beard and manbun sits thoughtfully at his laptop computer in a darkened room, staring at the screen with his chin resting on his hand in thought.
Cryptocurrencies

The Bitcoin price has dumped 23% since the FTX collapse. Now what?

FTX was partly backed by its own utility token rather than fiat currency.

Read more »