RATE Group | Bitcoin tops $10,000 for first time since February pre-halving – business news
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Bitcoin tops $10,000 for first time since February pre-halving – business news

08 May Bitcoin tops $10,000 for first time since February pre-halving – business news

Posted at 20:43h in Cryptocurrency News by

The world’s biggest cryptocurrency rallied back above $10,000 ahead of a technical event seen by some as having driven the price higher recently.

Bitcoin rose as much as 2.7% to a high of $10,070 on Friday in Asia trading, briefly taking it into five figures for the first time since Feb. 24, and was holding just below that level at $9,974 at 10:25 a.m. in Hong Kong. That’s before the cryptocurrency’s upcoming halving, when the rewards miners receive for processing transactions will be cut in half as soon as May 12, an intentional feature of Bitcoin designed to control inflation.

“Bitcoin trades sentiment-driven at its peaks and valleys, and the post-halving hangover is part of the normal price ebbs and flows on top of Bitcoin’s fundamental value,” said Jehan Chu, managing partner with blockchain investment and advisory firm Kenetic Capital.

The cryptocurrency has more than doubled in price since mid-March, joining a wider rally in global equities since…

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