What's happening in bitcoin after the halving?
The third bitcoin halving happened on May 11 during the coronavirus chaos. But the king of crypto seems unstoppable. Despite the biggest financial trials of our time, bitcoin was able to climb by 16% since the halving took place. BTCUSD was trading at $8,436 last Monday and started an upturn, briefly touching the $10,000 mark - a bullish surge erasing its weekend crash. It is going up past $9,700 as of writing.
BTCUSD price swings before and after halving on May 11, PrimeBit WebTrader
The halving reduced bitcoin mining rewards in half from 12.5 BTC to 6.25 BTC, decreasing also the daily supply of newly minted bitcoins from 1,800 BTC to 900 BTC. The increased scarcity of bitcoin and the current economic turmoil affecting most risky assets are believed to have contributed to bitcoin's current high volatility.
BTCUSD rallied to its $10,000 mark 3 days before the halving. This is doubled the March low of about $4,000. Yet, BTCUSD experienced a huge 17% drop on Sunday (a day before the event) from trading at $9,756 down to $8,105 in only 5 hours due to massive sell-offs.
Many anticipated a significant price drop as an aftermath of the halving. This was proven otherwise as bitcoin was steadily going up to $9,500 within 48 hours after the event. The halving was eventless. Bitcoin continues to climb and is trading at $9774 at the time of writing. The price stability of bitcoin after halving excites traders and could lure in more investors mounting for bullish positions.
Bitcoin's high volatility offers endless profit potentials for crypto-contract traders.Buy or sell BTCUSD contracts as you predict its price swings. The beauty of it is that you can earn huge from both rising and falling markets.
PrimeBit WebTrader is the leading P2P crypto-contracts trading app that lets you trade BTCUSD and other crypto and Tether pairs with fair price marking, low transparent fees, and up to 200x leverage. Take advantage of profit opportunities using leveraged trading, which lets you borrow funds easily to trade in bigger positions. For example, with only $10 traded at 200x leverage, you can open an order worth $2000. Our contracts have no expiry dates and you can earn on fixed value.
Trade BTCUSD, ETHUSD, LTCUSD and Tether pairs 24/7 using your computer, tablet, or smartphone. Our affiliate program grants you more rewards of up to 20% of the taker fee paid by your affiliates and another 5% of the taker fee from your affiliates' affiliate.
Join us just in time for PrimeBit's Pizza Weekend Promo. On May 22-24, all traders enjoy 20% off the taker fee on all orders. The more you trade, the more you save, the more chances to gain! T&C may apply. Pizza Weekend is our way to celebrate how, 10 years ago, a man from Florida paid 10,000 BTC for two large pizzas - the first-ever recorded BTC payment to buy real-world goods. Bitcoin has gone a long way.
At PrimeBit, you can trade BTCUSD contracts and other hot assets anytime anywhere. Discover unlimited profit potentials. It is easy. Just sign up using your email address and start trading!
This article was submitted by PrimeBit.
