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Crypto fanatics had been collectively watching the worth of Bitcoin (BTC) like a hawk over the weekend because the dominant cryptocurrency flirted with the $10,000 value mark.
Whereas it did finally break that milestone, it solely lasted for a second — a flash crash despatched the worth again all the way down to $9,700 and a focus as soon as once more turned to ready for BTC to bounce again.
That tear again into five-figure value territory occurred virtually precisely at 10:30 a.m. EST at present. BTC crested at $10,392 roughly 35 minutes after breaking $10,000 and seems to be leveling out round $10,200.
Gavin Smith, the CEO of crypto consortium Panxora, gave his opinion on the worth motion, telling Cointelegraph:
“BTC began rising in the course of the market sell-off triggered by coronavirus. That was simply the short-term catalyst, the underlying driver is the Bitcoin halving occasion in Might. Earlier halving occasions have seen among the bigger members maintain off on releasing BTC into the market in anticipation of an increase in the course of the occasion. We consider this similar dynamic is at present in play.”
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