May 12, 2020 08:00 UTC
May 12, 2020 at 08:00 UTC
Bitcoin Price Slightly Scales Up Before Halving
Recently in the starting week, analysts have predicted that the Bitcoin halving is expected to take place and the leading cryptocurrency is closely monitoring at a modest jump in daily trading values.
Bitcoin witnessed a significant fall in price on the Sunday overnight as the token’s value scaled down by over $1,000 USD, moving from $9617 USD to $8,790 USD. Despite the drop, the token accounted for the day at around $8,800 USD minus any wobbling. When the time of Bitcoin halving was closed the price of cryptocurrency was seen a slight shift towards green trading with a slight 1.75% growth as compared to the daily trading.
Referring to the chart for the token’s trading value, it measures that Bitcoin is steadily scaling towards the top. The volatility at the time is unsurprising, as investors are selling off after buying in at a dip, and as sentiment has a massive influence on the market in history.
Paul Tudor, a popular investor made an announcement that he had made an overall investment in Bitcoin seeing it as an asset to consider in the digital age. This has been accelerated by the global pandemic. He believes that investors are thinking about the expansion of individual forms of money and not focusing on the developments of the world. Digitization of currency is considerably the most compelling argument for grabbing BTC.
He believes to provide support to several investors who are new to the market. Eddie Alvarez, former fighting champion made an announcement that he had registered his investment towards the digital currency with a note that he can’t sit on the sidelines for a long period of time.
In the previous week, the interest in the Bitcoin halving has witnessed a rapid growth. People are taking interest in Google Trends data. Moreover, the halving is expected to take place any moment and it might not have an immediate impact on Bitcoin price. It is estimated for a short period of time on the market, and a long term impact on the way investors and miners trade.