The block reward halving of Bitcoin (BTC) has long been touted as an optimistic factor to drive the short-term price trend of BTC in the first half of 2020. Historical data, however, shows that the halving does not necessarily coincide with an immediate upsurge in the price of Bitcoin. On the Bitcoin network, miners create blocks that record Bitcoin transactions to essentially verify and confirm payment data using computing power. Through large-scale mining centers filled with ASIC mining chips and sophisticated equipment, miners use a large amount of electricity and have high maintenance costs in order to mine BTC. Individual …

Many industry experts hold varied expectations for Bitcoin’s price following the block reward halving in May, proving 2020 is anything but mundane. “On both prior occasions, Bitcoin surged to a new all-time high within 12 months, with the latest coming in December 2017 when the price reached about $20,000, which was followed by a massive decline,” Bill Herrmann, CEO of alternative investment banking firm, Wilshire Phoenix, told Cointelegraph in an email on March 10. Herrmann also pointed out that Bitcoin’s market has matured compared to past years, noting that information available to investors is much more widespread. “From a fundamental …

What has been driving recent Bitcoin price action? Or perhaps more importantly, who? And why does it matter? Lead Digital Strategist at Fundstrat David Grider and Platinum Account Manager at eToro Simon Peters break down Bitcoin’s next move, how the coronavirus and financial crisis may impact the halving, and how Bitcoin’s fundamentals will affect its long-term prospects. Who Is Behind Bitcoin Price Movements? Bitcoin has experienced an incredible amount of volatility over the past two weeks amidst the coronavirus pandemic and global financial crises. A Chainalysis report found professional traders and investors were usually the drivers behind recent major price …

Famous trader Peter Brandt explained why he is convinced that the impact of the block reward halving is less relevant for Bitcoin’s (BTC) price than most believe. In a March 17 tweet, Brandt explained that he considers the daily trading volume of Bitcoin to be its real supply. Because of this, he believes that the daily reduction of mined Bitcoins is equivalent to about 2/100th of 1% of the real supply. Is Peter Brandt right? Brandt concluded that the reduction of new supply due to halving is “chump change” when considered as a percentage of the real Bitcoin supply. Still, …

Don’t miss the second episode of “Beer and Bitcoin”, where Cointelegraph YouTube hosts Giovanni Pigni and Jackson DuMont discuss everything crypto...while sipping cold beers! In this episode, our hosts debated Cointelegraph’s Top 100 list of the most influential people in crypto. Also, they showed how the Bitcoin halving is likely to impact Bitcoin price by analyzing different expert predictions. Finally, they discussed the impact the coronavirus is having on the crypto industry and the global economy. Grab a cold one and join them!

A New York power plant turns to Bitcoin mining in a successful bid to increase profitability. Bloomberg reported on Mar. 5 that a power plant in New York’s Finger Lakes region now mines about $50,000 of Bitcoin (BTC) each day using the electricity it produces. Atlas Holding, the private equity company that owns the facility, installed 7,000 crypto mining machines at the Greenidge Generation’s 65,000-square-foot power plant in Dresden, New York. The firm pointed out that since it produces the power consumed by the machines on its own, the mining operation is extremely low cost. An extremely profitable operation Cryptocurrency …

After evaluating data derived from crypto publication headlines, digital asset alternative data provider The TIE discovered a correlation between Bitcoin’s price in the market and mentions of the upcoming halving in media outlets. “We noticed how, as mentions of the halving were decreasing last fall, that tended to correlate with downward price movement,” The TIE CEO Joshua Frank told Cointelegraph on Feb. 25. “Once that narrative picked up again, Bitcoin saw upward price movement,” he continued. On Feb. 22, The TIE tweeted a chart showing the correlation. “The number of mentions of the halving in crypto publications appears to have …

The renowned Mike Novogratz, founder of digital assets merchant bank Galaxy Digital, has once again voiced his predictions on the price of Bitcoin (BTC) in light of the impending Bitcoin halving set for May 2020. According to Novogratz, the inceptive cryptocurrency will likely breach the $20,000 benchmark in 2020. The prediction comes a couple of months after Novogratz stated that BTC would reach $12,000, right before the latest rally. Will Novogratz, who is known for his daring forecasts — most of which are not far off the spot — be right this time? As the Bitcoin halving approaches, analysts have …

American provider of investment data Weiss Ratings has ranked Bitcoin (BTC) as “excellent” by assigning it an A- grade due to strong price performance. Bitcoin upgraded thanks to improving fundamentals In a tweet published on Feb. 7, Weiss Ratings announced: “The Weiss Crypto Rating for #BTC is now A- (excellent), thanks to improving fundamentals and positive price action ahead of Bitcoin's next halving.” Previously, in late March 2019, Weiss Ratings put Bitcoin aside XRP and EOS as cryptocurrencies that have the best combination of adoption and technology. Now, Bitcoin has a higher grade than both those assets, with XRP standing …

Recently, Bitcoin (BTC) has been picking up momentum as the halving in May 2020 moves closer. However, large-cap Bitcoin forks namely, Bitcoin SV and Bitcoin Cash, will have their own halvings in April and the effects are already showing. This year, they gained 270% (BSV) and 132% (BCH) already, compared to Bitcoin’s 40%. Crypto market daily performance. Source: Coin360 Bitcoin SV breaks out of downtrend BSV USD 1-day chart. Source: TradingView The USD chart of Bitcoin SV is showing an impressive breakout from the downtrend, which made the coin surge from $100 to $450, an increase of 350%. Such a …

With May’s Bitcoin halving event drawing ever closer, Coinbase recently took to pushing the “Bitcoin as digital gold” narrative. In a tweet-storm to promote an accompanying blog-post published Feb. 7, it covered the key reasons why the halving and subsequent supply rate reduction will further cement that link. Scarcity creates value Since the gold standard was broken in 1971, the dollar’s value has declined and gold’s value, in dollar terms, has risen over 4000%. Gold has more value than similar metals such as copper due to its relative scarcity and difficulty to acquire. Bitcoin has been designed to be scarce …

Bitcoin (BTC) is just over three months away from having its supply cut in half — and major market commentators are unashamedly bullish on its impact. In a tweet on Feb. 1, rating agency Weiss Ratings presented a summary of Bitcoin price performance over its two previous block reward halvings. Weiss: Halvings “absolutely” help BTC price Halving refers to the number of new Bitcoins awarded to miners for each block of transactions they validate. During the first event in late November 2012, BTC/USD traded at just $12. Four years later, the supply halved to the current rate of 12.5 BTC …