Bitcoin price is recovering after the fall. With hours before the digital asset’s half-life, the asset has exceeded the $ 9,000 critical level. As it is known, Bitcoin price went towards $ 10 thousand and saw a sudden decrease of $ 8,450 levels.
At the time of writing, Bitcoin is trading at $ 9,081 and the price is quite volatile.
The Bitcoin split is an event where the new Bitcoin supply is halved. Speculators argue that this can increase the price of Bitcoin or the network will be more expensive and slower to use. According to them, after splitting, the asset will potentially be less usable and less valuable. Halfway will take place today at 7:00 UTC (15:00 ET).
Even China is discussing the impact of the split on Bitcoin price. A Chinese government agency released an article on Sunday about the upcoming halving of Bitcoin. In the article, it was mentioned that “Bitcoin is flying” before it is split, and it is stated that legendary hedge fund manager Paul Tudor Jones announced the benefits of the cryptocurrency to its investors.
8 hours left until #BitcoinHalving
— Bitcoin Halving Countdown (@Bitcoin_Halving) May 11, 2020
The transaction volume of Bitcoin is quite high in the last 24 hours. The asset reached a $ 63 billion high yesterday.
Despite Bitcoin’s growth today, most other cryptocurrencies suffer minor losses. Tezos fell 6% and Bitcoin SV fell 3.5%. Apart from the first, Digibyte dropped 6% and Hyperion dropped 16.3%.
But almost anything can happen after the split. We are looking forward to wondering what the future will bring, like everyone else.