{"id":350010,"date":"2020-04-30T06:44:13","date_gmt":"2020-04-30T04:44:13","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=350010"},"modified":"2020-04-30T06:46:19","modified_gmt":"2020-04-30T04:46:19","slug":"bitcoin-surges-above-9000","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/350010-bitcoin-surges-above-9000.html","title":{"rendered":"Bitcoin surges above $9,000"},"content":{"rendered":"

Excitement over Bitcoin\u2019s upcoming\u00a0halving<\/a><\/strong>\u00a0and an overall risk-on environment are pushing up cryptocurrencies, with the largest token reaching its highest level since before the coronavirus-induced crash.<\/p>\n

Bitcoin gained as much as 1.9% to $9,099 Thursday as of 11:30 a.m. in Hong Kong after jumping 15% on Wednesday, according to composite prices on Bloomberg. Other cryptocurrencies also advanced, with Bitcoin Cash and Litecoin both up a third day.<\/p>\n

Cryptocurrencies have moved in tandem with riskier assets — stocks are up more than 30% — over the past month but many crypto fans are also pointing to Bitcoin\u2019s so-called halving, which reduces the number of rewards miners receive.<\/p>\n

Ahead of the token\u2019s last two halvings (it\u2019s sometimes referred to as a halvening), it surged, with some enthusiasts positing the same could happen this time around.<\/p>\n

\u201cThe Bitcoin halving in under two weeks may explain some of the bullish activity by speculators,\u201d Craig Erlam, senior market analyst at Oanda, wrote in a note. \u201cBut you have to think that an event that has been in the diary for so long will already be priced in. This could see some of these moves faded as we hit halving day.\u201d<\/p>\n

However, with Wednesday\u2019s jump above $8,000, the largest cryptocurrency entered overbought territory based on the GTI Global Strength Indicator.<\/p>\n

Assets are considered overbought if the reading exceeds 70 and could indicate that it may be difficult for the token to notch additional gains in the short-run.<\/p>\n

\u201cWe are viewing the incredibly volatile trading range since 2018 as a longer-term basing\/consolidation profile that has bottomed near its long-term uptrend (200-week moving average) and will likely resolve the bigger multiyear pattern to the upside over the coming two to four quarters,\u201d said Rob Sluymer, managing director of technical strategy at Fundstrat Global\u00a0Advisors<\/span>\u00a0LLC.<\/p>\n

Here\u2019s what other market watchers are saying:<\/p>\n

Nemo Qin, senior analyst at eToro:<\/p>\n

\u201cIt seems the Bitcoin halving is starting to have an impact on price. I expect Bitcoin will test the $9,000-$10,000 range again prior to the halving.\u201d<\/p><\/blockquote>\n

Christel Quek, chief commercial officer and co-founder at Bolt Global:<\/p>\n

\u201cThis is an unprecedented time as liquidity remains a priority for investors fleeing equity markets. Therefore, while Bitcoin should rise into $10,000s after the halving, it could be followed with a price drop as investors engage in profit taking,\u201d said Quek. \u201cNo level of technical support can stand when the economy is drained.\u201d<\/p><\/blockquote>\n

Charles Hayter, co-founder and CEO at CryptoCompare:<\/p>\n

\u201cThe crypto market in 2020 is very different from previous halvings, and the impact of miners selling their Bitcoins differs substantially this time around. This will likely dampen the post-halving impacts from miner selling,\u201d he said. \u201cThe impact of Covid-19 so close to the halving and Bitcoin\u2019s correlation to equity markets means we may not see significant surges in price due to the halving.\u201d<\/p><\/blockquote>\n

Zac Prince, co-founder and chief executive officer of BlockFi:<\/p>\n

\u201cMay\u2019s halving is a perfectly timed opportunity for Bitcoin. Current market dynamics are driving a bolstered interest on digital currency for the long run that go beyond a rudimentary understanding of the rules of supply and demand. Historically, past halving events have always resulted in an eventual upswing of BTC. We\u2019ve been rightfully bullish in the past, and we\u2019re bullish now.\u201d<\/p><\/blockquote>\n

Rich Rosenblum, co-head of trading at GSR:<\/p>\n

\u201cThis latest run past $8,000 is as much about positive macro sentiment as it is about the upcoming halving. We\u2019re starting to have a lot more certainty, as more countries begin to share their plans to reopen the economy in May. This clearer path forward helps explain why stocks and Bitcoin stabilized over the last seven days, along with today\u2019s burst.\u201d<\/p><\/blockquote>\n

Meltem Demirors, chief strategy officer of CoinShares:<\/p>\n

\u201cWe are seeing some enthusiasm around\u00a0bitcoin<\/span>\u00a0as it breaks $8k, but we are still watching closely and believe the sentiment is not yet bullish,\u201d said Demirors. \u201cI expect Bitcoin will see more trading activity around the halving — most likely \u2018buy the rumor, sell the news\u2019 and we\u2019re seeing a lot of interest right now — our portfolio companies are reporting high volumes of inbound from firms looking to access Bitcoin markets, but the volume is largely in derivatives.\u201d<\/p><\/blockquote>\n

\"Bitcoin<\/a><\/p>\n

\n

Now read: Bitcoin halvening \u2013 What you need to know<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"

Excitement over Bitcoin\u2019s upcoming\u00a0halving\u00a0and an overall risk-on environment are pushing up cryptocurrencies, with the largest token reaching its highest level since before the coronavirus-induced crash.<\/p>\n","protected":false},"author":341034,"featured_media":236282,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696],"tags":[187,191,59182,64388],"class_list":["post-350010","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-cryptocurrency","tag-halvening","tag-halving"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/350010"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=350010"}],"version-history":[{"count":1,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/350010\/revisions"}],"predecessor-version":[{"id":350014,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/350010\/revisions\/350014"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/236282"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=350010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=350010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=350010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}