RATE Group | Market Wrap: Derivatives May Reduce Miner Selling Pressure After Bitcoin Halving
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Market Wrap: Derivatives May Reduce Miner Selling Pressure After Bitcoin Halving

07 May Market Wrap: Derivatives May Reduce Miner Selling Pressure After Bitcoin Halving

Posted at 01:30h in Bitcoin News by

With less than a week to go before the expected May 12 halving event, bitcoin’s price is swinging upward. The crypto derivatives market is helping to hedge the uncertainty on which way the bitcoin market will go when miners have less revenue after the halving. 

In early trading at 00:00 UTC, the world’s oldest cryptocurrency was around $8,957 before jumping as high as $9,399 at 13:00 UTC (9 a.m. EDT) on spot exchanges including Coinbase. It was changing hands at a price above its 10-day and 50-day technical indicator moving averages, signaling bullish sentiment Wednesday. At press time bitcoin (BTC) was trading up 3.8% over 24 hours at $9,258.

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Bitcoin trading on Coinbase since May 4
Source: TradingView

Big-name bitcoin investor Mike Novogratz of Galaxy Digital has been making the rounds this week, talking about how he views digital scarcity driving bitcoin prices higher after next week’s expected halving event. “Next Tuesday we have the bitcoin halving where the inflation rate…

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