Bitcoin is Up by 16% Post Halving
The third bitcoin halving happened on May 11 during the coronavirus chaos. But the king of crypto seems unstoppable. Despite the biggest financial trials of our time, bitcoin was able to climb by 16% since the halving took place. BTCUSD was trading at $8,436 last Monday and started an upturn, briefly touching the $10,000 mark – a bullish surge erasing its weekend crash. It is going up past $9,700 as of writing.
The halving reduced bitcoin mining rewards in half from 12.5 BTC to 6.25 BTC, decreasing also the daily supply of newly minted bitcoins from 1,800 BTC to 900 BTC. The increased scarcity of bitcoin and the current economic turmoil affecting most risky assets are believed to have contributed to bitcoin’s current high volatility.
BTCUSD rallied to its $10,000 mark 3 days before the halving. This is doubled the March low of about $4,000. Yet, BTCUSD experienced a huge 17% drop on Sunday (a day before the event) from trading at $9,756 down to $8,105 in only 5 hours due to massive sell-offs.
Many anticipated a significant price drop as an aftermath of the halving. This was proven otherwise as bitcoin was steadily going up to $9,500 within 48 hours after the event. The halving was eventless. Bitcoin continues to climb and is trading at $9774 at the time of writing. The price stability of bitcoin after halving excites traders and could lure in more investors mounting for bullish positions.
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