After tapping $6,980 Bitcoin proceeded to fall dramatically, sliding all the way down to $6,460 before floating back to the $6,650 level.
It’s worth noting that $7,000 has been a historical level of support and resistance dating back to the 2018 bear market, with it also providing support throughout November and December.
A breakout above this level would undoubtedly be violent with several analysts suggesting that a move back into the $8,000 region leading up to May’s halving event could be on the cards.
The Bitcoin halving has been covered extensively by Coin Rivet in the past. It is an event that sees block rewards for miners halved from 12.5BTC per block to 6.25BTC per block, which theoretically reduces supply going onto the market.
However, a news event as impactful as Coronavirus has the potential to invalidate all theories and predictions as it truly takes control of capital markets.
Current live BTC pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Bitcoin price. Pricing is also available in a range of different currency equivalents:
US Dollar – BTCtoUSD
British Pound Sterling – BTCtoGBP
Japanese Yen – BTCtoJPY
Euro – BTCtoEUR
Australian Dollar – BTCtoAUD
Russian Rouble – BTCtoRUB
In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
More BTC news and information
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.