Bitcoin price rises less than 50 days before halving
Bitcoin’s price has changed rapidly since its fall on March 12. At the time of writing, Bitcoin is around $ 6,684, a significant increase. How does halving the cryptocurrency affect this scenario?
We have to remember that halving Bitcoin is just around the corner, as is expected in May. That means we’re less than 50 days away. Many investors have been concerned with this since the end of last year and even earlier. However, many are wondering what can happen to the price of Bitcoin if we are in a context of corona virus.
Since the fall of Bitcoin, many have seen a “buying opportunity”, especially in the corona virus market crisis. The transaction volume on websites like Crypto.com has increased. According to Kris Marszalek, CEO, the transaction volume at Crypto.com more than doubled between December and February.
The price of bitcoin in moments of corona virus
According to Marszalek, growth could be a reaction to the radical measures that central banks are taking to stabilize financial markets.
He also believes in the idea that Bitcoin can be used as a store of value. In addition, it can be used as a possible cover against the secondary effects of the current fiscal policy.
Brian Norton, COO of MyEtherWallet, also said that more people are now buying ether on their platform than ever before. Those hoping for Bitcoin’s halving’s possible bullish effects are the ones who are using this fall to accumulate cryptocurrencies.
The bitcoin price recovery could be related to this surge in demand and volatility. The latter is a factor that many associate with more profit opportunities in the cryptocurrency market.
However, we recommend that you visit this article so you can consider whether buying cryptocurrencies is a good idea at the moment or not. Mainly because we are in a moment when the price of Bitcoin seems to be gradually recovering.
It should be noted that in this context, in which we are, the cost of mining appears to be increasing. As a result, many independent miners quit the job.
You can also keep an eye on crypto whale activity to measure the trends of big players in the cryptocurrency market.
You can also use it Tools like whale alert or check our weekly summaries. This can give you an idea of what selling or buying pressure cryptocurrencies have and where their price might go.