Bitcoin Halving 2020: Peculiarities
Bitcoin Halving 2020 happened yesterday, on the 11th of May, is considered to be one of the most important cryptocurrency event of the year. Everyone is talking that the new era has started and the halving can influence the whole industry. Of course, such things were said before, in 2012 and 2016. But this time hype is even greater, with people constantly googling consequences of BTC halving 2020 and betting the price of the digital asset. So what are the reasons of such a splash? What differs yesterday’s bitcoin halving from the two previous ones, BTC halving 2016 and BTC halving 2012? Let’s point out the major reasons.
Volume
In 2020 the amount of traded BTC is nearly 2,800% higher than it used to be in 2016. Meanwhile, bitcoin prices are 1,240% higher and contemporary spot market trades are nearly 50 times bigger than in 2016.
Users
The number of users inspired by other people’s experience have become bitcoin owners as well. Today there are over 40 million cryptocurrency wallets with people exchanging, trading, paying and accepting payments in bitcoin online all over the world. The key factors that contributed to the growth are: the increasing trust in cryptocurrency, positive reviews and article devoted to this financial field, the vulnerability of the fiat market, and, finally, COVID-19. Besides, people started to regard bitcoin as a reliable form of digital gold to invest in.
Recession 2020
Speaking more about the recession of 2020, we must take into consideration, that it has become the end of all the recession of 2008 resulted in, for that crises was the turning point for global economies and led to huge improvements and development of the cryptocurrency industry. Today, with the last recession, the situation is pretty unclear with people losing their jobs due to the lockdown. According to Reddit users’ posts, many of them, who had never dealt with cryptocurrency before, got interested in exchanging their fiat assets to crypto a month ago, but yesterday pre-halving withdrawals were widely discussed as well.
Predictions
As you see, bitcoin halving 2020 is special. Twitter users are obsessed with the idea that BTC price will reach its new heights this year. Some specialists even claim that, mostly due to the past recession, the price can reach $40.000. But, probably, it is nearly impossible to predict the changes to occur in several months.
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