Analysts highlight potential influence from Halve Bitcoin at the price of the digital currency, Given the recovery of commercial activity on the major stock exchanges today.
Again the most important digital currency in the ecosystem, Bitcoin (BTC), It’s back in the news today as its price has increased significantly in the past few hours and is approaching the $ 7,500 barrier on April 23.
Significant price increase from Bitcoin
At the time of publication at 5:30 p.m. in New York, the price of the digital currency was USD 7,458 per unit, a value that was 4.8% higher than the value registered yesterday at that time.
Evaluation of the graphic that describes the commercial development of the price Bitcoin for April 23, we need to increase vThere is a place between 9:00 a.m. and 11:00 a.m. (New York time) where the digital currency from trading rises from around $ 7,134 to $ 7,447 and rises by more than $ 300 in just two hours.
This price increase from Bitcoin This was accompanied by a significant increase in daily trading volume, which was registered on the main stock exchanges as a whole and rose by more than USD 6,000 million to around USD 42,249 million at the time of publication.
Halve Bitcoin than the hypothesis presented
Currently, one of the most important theses, especially among analysts and economists who are familiar with the digital currency market, has to do with proximity to Halve Bitcoin, an event that implies the reduction in the margin of the commissions intended for the mining community of 12.5 to 6.25 BTC, This would require a significant reduction in the existing supply on the markets and an increase in the price of the digital currency.
According to information published in a study by the research company Glass node, Many users of the digital currency not only motivate more orders, but also take a commercial position in which they keep their assets safe. (HODL). This trend started to gain a lot of momentum and it is estimated that those who save Bitcoin Since the end of March this year at the latest, they have capitalized more than 75,000 BTC, with an estimated value of more than $ 500 million.
#Bitcoin The change in HODLer’s net position has been growing daily since the end of March and is now reaching an annual high.
– glass knot (@glassnode) April 22, 2020
In this regard, many analysts and personalities in the ecosystem predict organic price growth for the digital currency after May 13 cut in half in the network of Bitcoin, This could also lead to a temporary reduction in mining activities. The latter would be a reason for how unsustainable this work could be for many in the face of falling profit margins.
Cryptocurrency as a refuge of value
Another very valuable thesis has to do with finding a safe haven for many people, especially given the recent drop in oil prices and poor performance in key international markets since then, COVID-19 (Coronavirus) pandemic decree.
This decline can be observed on the hydrocarbon market (WTI y Brent) This particularly affected countries whose economies are strongly supported by the oil income model, particularly the case of Venezuela, where more than 90% of its income depends on the commercialization of a barrel of crude oil.
Given the crisis in the main markets, the price of the US dollar rose significantly in the various Latin American countries. However, the most alarming fact for many has to do with the US government’s injection of new capital into the local economy Federal Reserve It approved the creation of a substantial amount of money to avoid a possible short-term collapse.
Bitcoin and major cryptocurrencies will rise again on April 23, as will Brent and WTI
Experts are analyzing Bitcoin’s capacity in the face of an unprecedented drop in oil prices
Everything you need to know about halving Bitcoin is scheduled for May 13, 2020
Sources: CryptoDaily MarketsBitcoin, CoinMarketCap, Glassnode study
Angel Di Matteo’s report / DailyBitcoin
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