Bitcoin has tried several times to close above the $10,000 mark
Bitcoin is currently one of the best performing assets of the year, outperforming most of the major markets. After plunging to a low of $3,845 on March 12, Bitcoin has seen an impressive recovery and is looking towards finally breaking the $10,000 barrier.
Whilst the number one cryptocurrency has briefly passed the $10,000 mark in recent weeks it has failed to convincingly stay above the crucial psychological barrier.
The digital currency has been closely mirroring the wider market turmoil sparked by the coronavirus pandemic. However, recently Bitcoin has started to set its own pace and seems to be decoupling from the global economies.
In May 2020 the next bitcoin halving will occur and could have a dramatic impact on the cryptocurrency’s price.
Bitcoin halving, (sometimes ‘halvening’) refers to the halving of the reward for mining new blocks, with miners receiving 50% fewer bitcoins for verifying transactions. Bitcoin halvings are scheduled to occur once every 210,000 blocks, roughly every four years, until the maximum supply of 21 million bitcoins has been generated by the network.