Is this right time to purchase Bitcoin now?
The price of Bitcoin rose above $64,000 on Friday after falling below $60,000, as investors braced themselves for the halving, which may intensify volatility in the currency market.
The price was up 2% as of 9:17 a.m. ET; other cryptocurrencies, Ether and Solana, had increases of 3% and 10%, respectively, according to CNBC.
The halving event, which will occur this week and reduce the miner incentive in half, is what investors in Bitcoin are anticipating. The writing of the digital currency’s code takes place every four years.
It eventually causes a slowdown in the market’s Bitcoin supply.
Experts at the cryptocurrency bank Amina claim that the halving has changed investor behavior as they sell their bitcoins. The goal of miners is to strengthen their financial statements.
Citing bitcoin cycles, the publication claimed that the “halving preceded a bull run for the cryptocurrency.”
Miner balances are currently very close to an all-time low. This follows miners’ aggressive selling as they race to make money before the halving, according to Amina’s letter.
The market value of the digital money last month was almost $73,000, a 50% increase.
The US Federal Reserve has the most influence over the price of bitcoin since rallies are anticipated following the halving event. After all, interest rate choices are seldom made with certainty.
Because Bitcoin has a blue chip token, it is regarded as an inflation hedge. Purchasing the coin at a lower price of less than $70,000 is a wise move if you plan to play the game for a long period.
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