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Bitcoin set to skyrocket after halving in May
28-02-2020 14:45
Bitcoin set to skyrocket after halving in May
Bitcoin set to skyrocket after halving in May

It was a very successful beginning of the year in the cryptocurrency market. Digital currencies are rising in value suggesting a continued positive trend. However, no one knows for sure what can happen during the year. Bitcoin climbed by 37% to $10.5 thousand for the first time in more than six months. However, later, it plunged back to $9.6 thousand. Likewise, Ethereum surged by 70% to $220, Bitcoin Cash increased by 116% to $450, and Ripple advanced by 40% to $0.27. During the time of global market turmoil, investors want to protect themselves and turn to safe haven assets. That is the reason why the price of virtual currencies is so high at the moment. Lately, there have been a lot of headwinds such as trade tensions between the US and China, the threat of war in the Middle East, and the outbreak of the coronavirus in China which sparked interest in gold and cryptocurrencies. According to experts, investors choose Bitcoin as a safe haven asset because it is a reliable currency to invest in during the time of global upheaval. For years, gold has been considered a store of value. However, recently, cryptocurrencies have gained attention as well. Commonly, safe haven assets rise in price when there is geopolitical tension or in case of an epidemic. Apart from that, the next Bitcoin halving is expected to occur in May 2020. The block reward is likely to fall to 6.25 bitcoins. As a result, the limited supply of coins is likely to boost Bitcoin price.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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