Bitcoin Mempool Clogs up With Unconfirmed Transactions Again

Bitcoin network issues have been apparent for quite some time now. Especially when it comes to the mempool, things get out of hand quite regularly. It seems the backlog is filling up once again. With over 70,000 unconfirmed transactions hitting the network, things aren’t looking all that great. This is mainly due to the number of transactions per second, surpassing the 34 mark. Whether or not this is part of another spam attack, remains to be seen, though.

It is always interesting to see how things play out on the Bitcoin network in real-time. More specifically, there are mempool issues on more than one occasion. Right now, it seems the backlog is filling up pretty quickly once again. Over the past 24 hours, around 30,000 unconfirmed transactions have been added and the queue isn’t getting cleared whatsoever. In fact, it seems things are getting gradually worse right now, which is pretty troublesome.

More Mempool Concerns for Bitcoin

With so many new transactions hitting the network per second, things won’t improve soon. While it is good to see so many transactions, the network can’t handle them all right now. We also see over 1,000 BTC in fees in the mempool right now, which is quite a high number. There is no real shift in hashpower to speak of either. In most cases, such a mempool issue is caused by BCH getting more hashpower. So far, that is not the case, as the hashpower hasn’t changed much over the past few days.

There is one slightly worrisome development, though. On the three-hour chart, it shows a Bitcoin mining hashrate drop by as much as 25%. This has not translated into any major trends just yet, though. It may just be a blip on the radar, but it might indicate something is going on we don’t know about just yet. It is expected this mempool issue will sort itself out pretty soon, though. For now, there is no indication of a spam attack or any nefarious activity.

This is not the first nor the last time we will see Bitcoin network congestion. These problems have been apparent for quite some time now, and it seems this is not the last time either. Until Bitcoin can properly scale, problems like these will continue to arise on a regular basis. This is far from an ideal situation, but it is to be expected, after all. It will be interesting to see how things will unfold in this regard. It will certainly spark a lot of new debates in the coming days, that much is certain.

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التضخم بمنطقة اليورو يرتفع بأقل من التوقعات

ارتفع التضخم في منطقة اليورو بأقل من المتوقع في نوفمبر تشرين الثاني ليسلط الضوء على أن زيادة الأسعار ما زالت ضعيفة في المنطقة ويدعم خطة البنك المركزي الأوروبي لإلغاء الحوافز تدريجيا.

وزاد التضخم في دول المنطقة البالغ عددها 19 دولة إلى 1.5 بالمئة في نوفمبر تشرين الثاني من 1.4 بالمئة في أكتوبر تشرين الأول مقارنة مع توقعات بزيادة نسبتها 1.6 بالمئة ليظل دون المستوى المستهدف من قبل البنك المركزي الأوروبي، والذي يقترب من اثنين بالمئة.

ولا تشمل تقديرات مكتب إحصاءات الاتحاد الأوروبي (يوروستات) الأولية للشهر حسابا للبيانات على أساس شهري.

وكان التضخم إلى حد كبير بسبب ارتفاع أسعار الطاقة التي زادت 4.7 بالمئة على أساس سنوي في نوفمبر تشرين الثاني من ثلاثة بالمئة في أكتوبر تشرين الأول.

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Bitcoin Price Watch; Trading The Downside Run

We knew a correction was just around the corner in the bitcoin price having seen the exuberance of the last few days and action hasn’t disappointed us in that regard. Price dropped from in and around the $11,000 area to as low as $9,000 apiece in a matter of hours and current levels sit just ahead of $9,800.

The hope is that the recent bottom proves to be just that – a turnaround point from which sentiment can reverse and the bitcoin price can once again resume its overarching march to the upside.

All we’ve got to do is make sure that we’re ready as and when things move so as to ensure we can pull a profit from the market.

So, with this in mind, let’s get some levels in place that we can use near term. As ever, take a quick look at the chart below before we get started so as to get an idea where things stand. It’s a one-minute candlestick chart and it’s got our range overlaid in green.

As the chart shows, the range we are using for the session today comes in as defined by support to the downside at 9710 and resistance to the upside at 9946.

We’re going to be on the lookout for a close above resistance to validate an upside entry towards a target of 10000 flat. A stop loss on the position somewhere in the region of 9920 looks good from a risk management perspective.

Looking the other way, if we get a close below support, we’ll be jumping in short towards a downside target of 9670. A stop on this one somewhere in the region of 9720 will help us get out of the position if things turn around.

Let’s see how things play out from here.

Charts courtesy of Trading View

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Euro Area Inflation Unexpectedly Misses Despite Sliding Unemployment

The euro stumbled, dropping to session lows on Thursday after Eurostat reported that despite a welcome decline in Europe’s unemployment rate to 8.8%, the lowest level in 9 years, Eurozone inflation missed expectations, rising from 1.4% to 1.5%, below the 1.6% consensus expectations, reminding the ECB that Phillips curves around the globe remain broken and that its intention to taper QE and tighten monetary policy may yet be derailed.

Looking at the main components of euro area inflation, energy is expected to have the highest annual rate in November (4.7%, compared with 3.0% in October), followed by food, alcohol & tobacco (2.2%, compared with 2.3% in October), services (1.2%, stable compared with October) and non-energy industrial goods (0.4%, stable compared with October).

European core inflation (excluding food, energy and tobacco) remained unchanged at 0.9% in November, below the 1% median estimate by economists. The euro traded lower after the report, and was at $1.1829 at 11:44 a.m in Frankfurt.

Indeed, as Bloomberg reports, the latest price data “outline the dilemma facing the ECB.” and even with the region’s economy set for the fastest growth in a decade and the most broad-based expansion since 1997, a sustained price recovery remains some way off. While policy makers have acknowledged that this development warrants less additional monetary support, ECB President Mario Draghi has advocated a “patient and persistent” approach to exiting the central bank’s stimulus program.

Despite inflation consistently undershooting expectations, policy makers have expressed confidence that economic growth and falling unemployment will eventually feed through to prices. “The solid and broad-based economic recovery in the euro area is continuing,” ECB Executive Board member Peter Praet said on Thursday in Brussels. “The breadth of the expansion is notable.” Despite

“All indications are that the recovery will continue for longer, and that would put pressure on wages and prices going forward,” Vitor Constancio said in an interview with Bloomberg Television on Wednesday. “It’s a gradual process, but we see it going in that direction.”

Governing Council members Jens Weidmann and Klaas Knot on Wednesday called for a more a decisive acknowledgment of the strengthening of the economy. “Evidence is mounting the economic outlook will be at least as good as previously forecast, if not even better,” Bundesbank President Weidmann said. “This development should continue for a while.”

Still the latest data means that when the ECB’s Governing Council next meets on Dec. 14, it will be faced once again with a picture of solid economic growth and subdued prices pressures. Policy makers announced in October that they will halve its current monthly pace of bond buying starting January and running until at least September.

“Absent deflation risk, a full phasing-out of net asset purchases from September 2018 onward is warranted,” Knot said in London.

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