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Bitcoin Up 4% Today As Halving Approaches

Written by:
Aaron Goldstein
Published on:
May/06/2020

The price of Bitcoin hit a high of $9430 over the last 24 hours ahead of upcoming halving.

When explaining the digital currency’s latest gains, market observers frequently emphasized the anticipation surrounding the halving, which is scheduled to take place five days from now. 

John Todaro, director of digital currency research for TradeBlock, spoke to these developments. 

“The run-up in prices is likely related to price momentum heading into the halving, which has historically been viewed as a bullish event,” he stated. 

"Positive price momentum for bitcoin started a few weeks ago as markets broadly rallied with fears related to COVID-19 subsiding,” added Todaro. 

In a tweet posted earlier today, Economist Peter Schiff iterates his opinion that there’ll be a lot of sellers and no buyers after the halving. 

“A consensus trade is crowded and usually doesn’t pan out as the crowd expects. I can’t think of a more consensus trade in Bitcoin than being long going into the halving, an event that is universally believed to be extremely bullish.  So once the halving occurs, who’s left to buy?” 

The last two months dealing with the coronavirus outbreak have been strange, to say the least, and as data rolls in more people are becoming aware that there was quite a bit of overreaction from politicians, the media, and medical professionals. A small number of people are starting to focus on the economic situation and the possible destructive aftermath the finance world will see. On May 5, 2020, the Austrian economics-based think tank, Mises Institute, published a 157-page report covering the anatomy of the crash. 

- Aaron Goldstein, Gambling911.com

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