Crypto lovers had been collectively watching the worth of Bitcoin (BTC) like a hawk over the weekend because the dominant cryptocurrency flirted w
Crypto lovers had been collectively watching the worth of Bitcoin (BTC) like a hawk over the weekend because the dominant cryptocurrency flirted with the $10,000 worth mark.
Whereas it did ultimately break that milestone, it solely lasted for a second — a flash crash despatched the worth again all the way down to $9,700 and a focus as soon as once more turned to ready for BTC to bounce again.
That tear again into five-figure worth territory occurred nearly precisely at 10:30 a.m. EST right this moment. BTC crested at $10,392 roughly 35 minutes after breaking $10,000 and seems to be leveling out round $10,200.
Gavin Smith, the CEO of crypto consortium Panxora, gave his opinion on the worth motion, telling Cointelegraph:
“BTC began rising in the course of the market sell-off triggered by coronavirus. That was simply the short-term catalyst, the underlying driver is the Bitcoin halving occasion in Could. Earlier halving occasions have seen a number of the bigger individuals maintain off on releasing BTC into the market in anticipation of an increase in the course of the occasion. We imagine this similar dynamic is presently in play.”