Bitcoin (BTC) Halving Alert Was Just Issued
The crypto market looks promising today, with the most important coins trading in the green.
Bitcoin is no exception, and the king crypto is currently priced at 6,465.90, being up by more than 3,3% since the other day.
Bitcoin can still perform well in 2020, despite global crisis
According to the latest reports coming from the online publication, the Daily Hodl, Jihan Wu founder and chief executive of mining rig manufacturer Bitmain said that he’s optimistic that Bitcoin can perform well in 2020 despite the massive global crisis.
During a new interview with the Chinese crypto outlet, 8BTC Wu said that central banks’ efforts to combat the impact of the pandemic via bailouts and loose monetary policies could be driving the price of all financial assets higher.
On the other hand, it’s worth noting that Wu said he doesn’t expect Bitcoin to go on a bull run until well after the halving event which is scheduled to take place this May.
“I think the bull this time may not come immediately after the halving. There will likely be a delay in time…As bitcoin’s market cap grows, its volatility decreases and becomes more stable. That means we may not see abrupt spikes in its price,” he said.
He continued and explained, “No matter how high bitcoin goes, one day it will reach the top. Before that, it will see price [with] flatlining growth with lots of twists in the next few years.”
Bitcoin mass exodus
The crypto market is seeing some pretty significant moves these days.
Just the other day, we revealed that Bitcoin investors are paying close attention to their funds amidst the recent crypto crash and rising global economic turmoil.
Glassnode crypto analytics company revealed that crypto traders are withdrawing their BTC from exchanges at a rapid rate, and they’re moving it to private wallets.
Jihan Wu is the CEO and co-founder of Bitmain, which is the world's largest computer chip company for bitcoin mining. In October, Bitmain announced it will start building the world's largest bitcoin mining plant. Before Bitmain, Wu was a financial analyst at an equity firm and an angel investor in Kaomao, which was a bitcoin mining hardware startup.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.