Bitcoin rose again on Wednesday (05) and posted an annual high of $ 9,731 at 3:23 pm after rising 5.1% on the day.
In 2020, Bitcoin already accumulates 34% appreciation after a 2019 also high.
The market is now experiencing positive expectations as halving approaches.
Halving is an event scheduled to occur every 210,000 blocks mined from the Bitcoin network, which takes approximately 4 years.
This event cuts the issuance of digital currency in half, creating a supply shock (production) and increasing the scarcity of the asset in the market.
In November 2012, when the first Halving took place, the emission was reduced from 50 BTCs to 25 BTCs every 10 minutes (block mining time).
In the second Halving, which took place on July 9, 2016, that figure dropped to 12.5 BTCs. Starting with Halving in May, production per block will be 6.25 BTCs.
After the last two halvings, Bitcoin saw a sharp rise in the following months, which is creating a certain expectation that the same may happen during this year and the next.
In addition, Bitcoin's mining power has been breaking new records every month, which shows a large investment focused on the asset's long-term. In the past twelve months, mining power has tripled.Bitcoin price news link
FEBRUARY 06, 2020
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