Bitcoin Eclipses $10K Mark, 'Halving' Searches Up 300 Percent
Will Bitcoin’s Halving Be The Gold Rush Some Expect? This is the question everyone in the crypto sphere is asking ahead of Tuesday's highly anticipated halving.
Halving is done to create scarcity every four years.
The online gambling sector will be monitoring the event closely as cryptocurrencies account for more than 70% of all funding in restrictive markets.
This will be the third halving since Bitcoin’s inception in January 2009 and from a price perspective, both of the previous events were very bullish for the cryptocurrency, triggering price rises of 81 times and 30 times in the 18-month period after the 2012 and 2016 halvings respectively.
Bitcoin Cash’s halving on April 8th ended up being a bit of a non-event but does that mean bitcoin’s halving will also be just another day in the salt mines? Experts are making their predictions but it is difficult to read much into the BCH halving. Since nothing really happened, no spike or crash, experts are now split on what will happen with the BTC halving.
James Harris of CryptoCompare says “While we see real reasons to be bullish about bitcoin from both a macro and micro economic perspective, the fact is that the market ecosystem is markedly different from the previous two halvings. Previously, miner selling was a far greater proportion of overall trading flows, so a net decrease in their activity may have had a greater impact in the past.
“Another important factor is the emergence of derivative platforms, virtually non-existent two or three years ago, whose trading volumes now dwarf spot exchanges, though it is difficult to predict whether these exchanges will increase or reduce volatility in the longer term.”
- Will Bitcoin’s Halving Be The Gold Rush Some Expect?
- Rally Anticipated?
- Other Cryptocurrencies See Rise
Google searches for "bitcoin halving" have exceeded 300% of the volume seen before the 2016 halving event. https://t.co/jNQ9hawZYi pic.twitter.com/tBIQRhsiay
— Jameson Lopp (@lopp) May 8, 2020
- Aaron Goldstein, Gambling911.com
