Finally, the most awaited cryptocurrency event of the year passed yesterday with multiple impacts in different dimensions. The event effects don’t strongly anticipate the price yet, but the speculations are euphoric.
- Bitcoin halving does not show the Pump as its precedent events.
- The having event has affected minors. Who took down mining servers
- Google Searches surged to 500% higher than of 2016 event
- BCH Mining also had an impact of Bitcoin Halving
- Some Popular folks still have Positive prediction
Bitcoin halving does not show the Pump as its precedent events.
The Bitcoin mining rewards are now reduced half from 12.5 BTC to 6.25 BTC. Since the announcement, there have been diverse predictions about price and speculations on trading.
Star of the crypto world- Bitcoin who in the last 2 months was seen rising to its highest, which had the assurance of security of future for investors and which was performing just the way the predictors were expecting it to, seems to be having a problem.
Bitcoin or BTC which soared heights and reached its first-ever $10,000 high until last week suddenly saw a downside and now arises the question as to what that may indicate after halving?
The Previous 2 halving events had a massive pump in Price Especially the 2016 session that took the price to an all-time high to $20,089.00 USD in Dec 2017, the price at halving time was $650 which pumped to nearly $20000.
The first one that occured in 2012 broke the $1000 candle and swung the price from $11 to $1,150. And back in 2009 the first block of 50 bitcoins were created .
The having event has affected minors. Who took down mining servers
Bitcoin Miners seems to be Unhappy by the event results, although they did foresee, before the halving event.
The Halving has already caused many miners to close the process as a result of mining devices becoming outdated. These closing figures are very soon going to rise, as this halving event isn’t going to reward the miners with what they mine for.
The halving events have always been hyped about and sure have worked in favour of the coin by creating dramatic bulls even though for not a very long period. The main reason this started in the first place was to balance the inflation in the economy and bridge the gap between the surging price and users.
The OANDA ( New York) senior market analyst, Edward Moya Said “The incentive is less for miners now to mine bitcoin and they will probably switch to more profitable cryptocurrencies. So in the short term, there’s going to be pressure for bitcoin,
Google Searches surged to 500% higher than of 2016 event
The third halving of bitcoin had already created a buzz Pre-Halving, the impact pulled many new investors and also a rise in new users was seen.
A report from Google trends says that the search of the keyword ‘Bitcoin halving’ was 500 times higher than of the 2016 session which can be compared with its Rating Index of 18 in 2016 and it is 100 in May 2020.
BCH Mining also had an impact of Bitcoin Halving
Binance Research team tweeted a report of Bitcoin Cash (BCH) being impacted by the bitcoin halving event.
They Tweet added to ask BCH miner the next step on this.
However the BCH hash rate is still floating in the same region it crashed in Nov 2015 alo0ng with hard fork of BSV.
Some Popular folks still have Positive prediction
In Addition to the revelation of Paul Tudor Jones, an American hedge fund manager which boosted the price to $10,000, there are many Investors who keep a strongly positive view of the Price rising beyond $20,000 in a year or less.
Paul Tudor’s Letter on Bullish Letter on bitcoin may create some more followers to Bitcoin Investment
The OANDA ( New York) senior market analyst, Edward Moya Said after showing concerns about miners’ effect “ But longer term, you’re probably going to see higher prices. With all the fiscal and monetary stimulus that’s being pumped into the global economy, there’s renewed interest from institutional traders looking for alternatives to modern government-backed currencies.”
Mike Novogratz, Galaxy Digital chief executive officer addressed the Stimulus support and Cash injections into the economy by the government and central banks to balance the economy amid COVID-19 may impact the rise of bitcoin price to $20,000 by 2021.
The JST Capital’s Partner and Co-founder Scott Freeman “Given that the halving happened without any interruption to crypto markets, we expect to see continued growth in the crypto eco-systems, especially with recent increased interest from institutional investors and the continued buying by retail investors,”