Bitcoin is just three days away from its third halving event, which sees the rewards for mining the world’s largest cryptocurrency halved. The event takes place every four years and many analysts point to considerable price increases in the year following the two previous events as being an indicator of imminent gains in the current market cycle. Speculation around the event continues to grow, with the number of Google searches related to the term having skyrocketed in the past few days and Bitcoin passing $10,000 earlier today and reaching its highest peak since February.
Bitcoin has been the standout market performer, although most cryptocurrencies have seen gains of 2% or more. Monero has added nearly 8% to its price. NEO has gained nearly 6.5% and
#bitcoin could hit $115,212 in Aug 2021 based on the change in the stock-to-flow ratio across each halving.
More details here: https://t.co/fMYDXAT5qy pic.twitter.com/02uCpVoGKN
— Dan Morehead (@dan_pantera) May 5, 2020
Bitcoin has been making steady progress since March 12 when national travel bans and
Another factor that could be helping push Bitcoin price up is the increased interest in cryptocurrency during the lockdown. India overturned a ban on crypto exchanges two months ago and has been in Coronavirus lockdown over the past few weeks. As a result of this, numerous Indian crypto exchanges have reported peak trading volumes, huge increases in newly registered members, and a growth in interest. Wazirx and Zebpay, two of the country’s leading crypto exchanges have reported significant growth during the period since March. Although this increase can easily be attributed to lifting the cryptocurrency ban in the country, no such changes can be responsible for an uptick in Malaysian cryptocurrency activity. The Luno Malaysia exchange has reported a 33% growth in user activity in the past month.
The lifting of India’s ban on cryptocurrency has seen a number of new businesses in the industry. The latest, BitPolo, is a fiat to crypto exchange headquartered in Bangalore. It offers deposits and withdrawals in Rupee and has trading pairs with a number of major currencies including Bitcoin.
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— BitPolo Exchange (@bit_polo) May 5, 2020
The number of Bitcoin ATMs installed globally recently reached 7,700, and Coinstar, the company that makes
We need more #BitcoinATM! ?
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— CoinGecko (@coingecko) May 7, 2020
Bitcoin (BTC) prices have increased by 5.55% and the world’s largest cryptocurrency is now trading at $9,869.45 while Ethereum (ETH) has added 2.52% to its price: the
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