RATE Group | Market Wrap: Bitcoin at $9.9K as Halving Chatter Increases
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Market Wrap: Bitcoin at $9.9K as Halving Chatter Increases

07 May Market Wrap: Bitcoin at $9.9K as Halving Chatter Increases

Posted at 23:53h in Bitcoin News by

The price of bitcoin continues its rise ahead of next week’s anticipated halving. That event is trending as a topic on social media, even as few appear to be considering what may happen after it’s over.

At press time bitcoin (BTC) was trading up 6.5% over 24 hours, currently at $9,882. It’s been on a run upward on high volume since 12:00 UTC (8 a.m. ET), moving from $9,270 during that time to as high as $9,971 on spot exchanges like Coinbase. 

btcmay7
Bitcoin trading on Coinbase since May 5
Source: TradingView

Discussion of “bitcoin halving,” the once-every-four-year event that will lower by half the supply of new bitcoins awarded to miners, has spiked higher than ever over the past week, according to social media data tracked by data aggregator LunarCRUSH. “After months of suppression, mentions of the bitcoin halving event on social media have now exploded,” Mati Greenspan, founder of Quantum Economics, noted in a tweet. 

halvingmentions
Mentions of “bitcoin halving” since 1/1/20
Source: