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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Report: 64,000 Saudis joined labour market within two months

The Saudi Ministry of Labour said more than 64,000 Saudi men and women joined the labour market during the months of September and October, 2017.

The ministry said in a statement on Wednesday that the number of Saudis in the labour market amounted to 1.949 million Saudis by the end of October compared with 1.844 million in September.

According to the ministry, 33,000 Saudi women and 31,000 Saudi men joined the labour market during the aforementioned period.

The Kingdom aims through its National Transformation plan, the main component in its Vision 2030, to reduce the unemployment rate among its citizens to 9 per cent by 2020 and to 7 per cent by 2030 through.

Read: Saudi Arabia deficit reaches $32.4bn

Earlier this year, the Kingdom began a program to increase women involvement in several economic sectors.

The National Transformation Plan aims to provide 1.2 million jobs to Saudi citizens by 2020.

The Saudi measures and plans come as unemployment rate rises among Saudis to reach 12.8 per cent at the end of the second quarter of 2017 compared to 12.7 per cent in the previous quarter.

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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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US senators urge Netanyahu not to demolish Palestinian villages

Ten US senators have written to Israeli Prime Minister Benjamin Netanyahu urging him not to demolish Palestinian villages in the occupied West Bank, reports the Jewish Telegraphic Agency.

The letter, initiated by Sens. Dianne Feinstein, D-Calif., and Bernie Sanders, I-Vt., states: “we have long championed a two-state solution as a just resolution to the Israeli-Palestinian conflict”.

“Yet, your government’s efforts to forcibly evict entire Palestinian communities and expand settlements throughout the West Bank not only directly imperil a two-state solution, but we believe also endanger Israel’s future as a Jewish democracy”.

JTA notes that nine of the signatories are Democrats and four of them Jewish.

The Israeli authorities have declared their intention of demolishing Susiya, a Palestinian village near Hebron, and Khan al-Ahmar, a village east of Jerusalem.

Read: Israel demolishes Palestinian village Al-Araqeeb for 121st time

The other Jewish senators to sign the letter are Al Franken of Minnesota and Brian Schatz of Hawaii. Sens. Patrick Leahy of Vermont, Dick Durbin of Illinois, Tom Carper of Delaware, Martin Heinrich of New Mexico, Elizabeth Warren of Massachusetts and Jeff Merkley of Oregon also signed.

Liberal Zionist pressure group J Street welcomed the letter “as a sign that top lawmakers are increasingly speaking out about alarming actions by the Israeli government that undermine the two-state solution and endanger Israel’s future as a democratic homeland for the Jewish people”.

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