RATE Group | Bitcoin price fears: May 12 could cause cryptocurrency price to crash | City & Business | Finance
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Bitcoin price fears: May 12 could cause cryptocurrency price to crash | City & Business | Finance

05 May Bitcoin price fears: May 12 could cause cryptocurrency price to crash | City & Business | Finance

Posted at 00:59h in Cryptocurrency News by

Some have predicted a “sell the news” type drop will hit bitcoin following the May 12 event. The dire prediction comes a week after bitcoin rose to the highest in more than two months. Traders and analysts cited growing demand for bitcoin before its latest halving.

The event will mean a 50 percent cut in the production of the cryptocurrency.

The halving is one of the few observable events known to materially impact price.

A rule written into decentralised digital currency’s underlying code slashes the number of new coins awarded to the miners behind the global supply of bitcoin.

A halving occurs once every four years and previous events were triggered in 2012 and 2016.

Bitcoin is the top listed asset on crypto market data provider CoinMarketCap.

Because it is a deflationary currency due to its unalterable monetary policy, anything that affects bitcoin’s supply is sure to have an impact on its price sooner or later.

READ MORE: Why is Bitcoin falling today? Price crash amid…

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