Bitcoin Breaks Through the $10,000 Level for First Time Since February

written by

Bitcoin Breaks Through The USD 10,000 Level For The First Time Since February

Support free journalists: > send a tip

  • Bitcoin is rallying ahead of the May 12 block halving

In the past day Bitcoin has surged as high as USD 10,040, breaching the USD 10,000 level for the first time since February. This is a continuation of a major Bitcoin rally which started following the severe crypto crash on March 12, when Bitcoin declined as low as USD 3,850. Now Bitcoin is up 160% in less than two months.

It seems the main driver of the current Bitcoin rally is the block halving which will occur on May 12, which is just three days from now. The block halving will cut mining revenue in terms of Bitcoin by 50%, due to the block reward dropping from 12.5 Bitcoins to 6.25 Bitcoins. This will drastically reduce selling pressure on the market, creating favorable conditions for a rally.

The rally up to now is simply due to speculation that the block halving will fuel a major Bitcoin rally, and based on past data, Bitcoin typically sees its biggest gains months after the halving. Therefore, this Bitcoin rally may just be getting started.

BitcoinNews.com is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow BitcoinNews.com on Twitter: @bitcoinnewscom
Telegram Alerts from BitcoinNews.com: https://t.me/bconews

Image Courtesy: Pixabay

Help spread this article :)

BitcoinNews.com is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of BitcoinNews.com

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by BitcoinNews.com to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of BitcoinNews.com 

   Advertisement

Read More Bitcoin News

   Advertisement

Join our Newsletter

   Advertisement

Latest on Bitcoin News

Video of the Week

Join our Newsletter

   Advertisement