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’s sudden and massive rise that allowed it to reach a local high of $9,470 stalled on Thursday. It then shed about a $1,000 within hours before regaining some lost ground to trade in the high-$8,000s.
Amid all that, several key metrics are now suggesting that the benchmark-cryptocurrency could be in for a sharp drop in the short-term. With the next Bitcoin halving is when the amount of new bitcoin created and earned by miners is cut in half. This happens... More only 11 days away, that would be consistent with earlier predictions that Bitcoin could head lower into the milestone event.
More on that and other big news from the past 24 hours in BeInCrypto’s cryptocurrency news roundup for April 30, 2020.
Timothy Peterson, CFA at Cane Island Alternative Advisors, recently pointed out on Twitter that there have only been 13 other occasions that saw the BTC price gaining more than $1,000 in a single 24-hour session.
On average, substantial losses have occurred in the weeks and months that followed. That brings us to the million-dollar question — can Bitcoin break that pattern this time around? If it can’t, what could be the potential impact on Bitcoin halving 2020?
Wednesday’s bullish engulfing candlestick had a body of 14%. The last time Bitcoin saw a candlestick with a body of 14% or higher was created was on October 25, 2019.
What followed was a small bullish candlestick with a huge upper-wick and a gradual decrease that went below the start of the pump.
Coinbase went through an unexpected downtime on Thursday shortly after the BTC price hit a local high of $9,470. According to the info available on Coinbase’s service status page, the team started investigating the issue at 18:40 GMT and patched it about 10 minutes later. However, by 19:30 GMT, the status once again switched back to ‘investigating.’
Many traders on the platform were outraged for what they think was a glaring lack of preparedness for handling a spike in traffic. Others, meanwhile, suspect there could be some sort of malpractice involved in this unexpected downtime.
With Google searches for ‘Bitcoin halving’ exceeding the 2016 spike multiple times already this year, interest in the third halving is clearly much higher than it was when BTC issuance last dropped in 2016.
Meanwhile, Google searches for the term ‘Bitcoin’ remain a long way from the late-2017 levels.
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