What happened to cryptocurrency today? Bitcoin halving 2020. There is increasing anxiety among cryptocurrency investors since its $10,000 bullish move began in 2020.
Retail investors have been paying attention to a wide range of economic factors capable of spurring a massive bull rally in Bitcoin in the year ahead.
Bitcoin halving 2020 Data Indicates Heavy Bitcoin Accumulation
Reports show that anxiety has caused an increase in the number of Bitcoin wallets containing over 1 BTC. The numbers have been skyrocketing over the past few days, and this indicates that investors are heavily amassing Bitcoin. This recent trend will bolster the momentum of the bullish move responsive to Bitcoin halving 2020.
Economic Indicators Favor Bitcoin As The Rally Increases
At the time of publication, Bitcoin was trading slightly below $10,200, which happened to be the current high set during yesterday’s bullish move. Bitcoin has been unable to close above $10,000, but its market structure indicates strong bullish momentum. This has prompted investors to buy into the upward trend increasingly.
Currently, there is heightened engagement in Bitcoin trading. According to BitMEX, over $1 billion worth of Bitcoin has been traded in the past week; this directly points out the anticipation of investors who expect to see more massive volatility.
The Effect Of Halving Bitcoin Mining Rewards
By May, the rewards of mining bitcoin will be reduced by half. Could the implementation of this policy lead to a notable volatility increase in the market? This alone could entice investors to engage more in the market.
The rising interest of investors, coupled with the mining rewards halving and strong price action, hints the fundamental strength of Bitcoin at the moment.
Final Thought
Considering the Bitcoin FOMO mostly among retailers, we will most likely see the price climbing higher in the near future due to the increasing demand.
