Just four hours before the predicted Bitcoin halving occurs, the leading cryptocurrency is looking at a modest jump in daily trading values.
Bitcoin faced a major fall in price yesterday as the token’s value dropped by nearly $1,000 USD, moving from $9617 USD to $8 790 USD. Despite the drop, however, the token held for the day at around $8,800 USD without wobbling any further. As the time to the Bitcoin Halving nears, the cryptocurrency’s price has seen a slight shift towards green trading with a slight 1.75% increase in daily trading at the time of writing.
Considering the chart for the token’s trading value over the past 24 hours, it seems Bitcoin is moving upwards shakily. The volatility at the time is unsurprising, as investors are selling off after buying in at a dip, and as sentiment has a massive influence on the market, now more than ever.
Bitcoin Investors Buying In
Macro investor Paul Tudor Jones recently announced that he had invested into Bitcoin, seeing it as an asset to consider in the digital age, which has been accelerated by the global pandemic, saying:
“We are witnessing the Great Monetary Inflation — an unprecedented expansion of every form of money unlike anything the developed world has ever seen… I am not a hard-money nor a crypto nut. The most compelling argument for owning Bitcoin is the coming digitization of currency everywhere, accelerated by Covid-19.”
Tudor stands amongst several new investors entering the market. Former fighting champion Eddie Alvarez also recently announced that he had put his funds towards the digital currency, saying he cannot “can’t sit on the sidelines any longer.”
Global Interest Over The Bitcoin Halving Piqued
Over the past week, interest in the Bitcoin Halving has boomed. Looking at Google Trends’ data, it’s obvious that more people are researching the event.
While the halving itself, which could happen at any moment, might not have an immediate impact on Bitcoin price, it is very likely to have a short-term effect on the market, and a long-term impact on the way investors and miners trade.