Bitcoin, the highest cryptocurrency by market value, fell below $ 10k in hard fall ahead of Tuesday’s halving
Bitcoin, the highest cryptocurrency by market value, declined over the weekend after climbing above $ 10k last week.
Bitcoin, which fell 10 per cent on Sunday according to Bitstamp prices, recorded its harshest daily loss seen since March 12. Tuesday’s Friday trading at $ 8,762 at TSI 14:05 ahead of halving, with Bitcoin losing more than 13 per cent in value.
Halving / halvening miners ‘ reward means a 50 per cent reduction in the number of cryptocurrencies. With this event designed to contain inflation, the miners ‘ reward will be halved by 12 May. Halving happens every four years.
Rich Rosenblum, of cryptocurrency market maker GSR, said: “with the pandemic, ongoing stimulus measures and halving, we will likely see volatility increase throughout May.” said.
According to research by Pantera Capital, Bitcoin has historically seen halvinge dip 459 days into the event and then bounce back. Post-Halving rallies take an average of 446 days.
“Bitcoin’s third halving looks different from its predecessors so far and does not appear to have been a sustainable price rise,” Payal Lakhani, director of equity research and product development at CME Group, said in a blog post Friday.” said.