Bitcoin Cash drops 20% after halving
Before Bitcoin, Bitcoin Cash, which completed its second halving on April 4, fell more than 20% in the last week.
Bitcoin News
While its popularity has been on the rise in recent years, Bitcoin remains a subject about which the majority of people still have little knowledge. Uzmancoin.com, since 2017, has been striving to provide its readers with the fastest and most accurate Bitcoin news and content to guide them.
Bitcoin, which was introduced to the market in 2009, is considered by some as a currency, by others as digital gold, and by others as an investment or speculative asset after approximately 11 years. As a highly volatile asset, Bitcoin can serve different purposes for everyone and continues to become more widespread with each passing day.
The most important feature and value proposition of the cryptocurrency, launched in 2009 by the mysterious creator Satoshi Nakamoto, is its decentralized nature. This means that the leading cryptocurrency in terms of market value is not subject to any authority. Bitcoin derives its power from this characteristic. Its production is generally carried out today with specialized hardware known as ASICs, and the supply of Bitcoin is limited to 21 million. Bitcoin can be bought and sold through cryptocurrency exchanges or ATMs.
Bitcoin mining difficulty hits ATH ahead of halving
Bitcoin mining difficulty surpassed 86 trillion in the last adjustment before the halving, reaching an all-time high.
Why is Bitcoin falling?
Bitcoin fell below $68,000 on Friday. The biggest cryptocurrency, which saw $65,086 in the evening hours, took its share of the market turbulence.
US inflation rises more than expected: “Kiss a June interest rate cut goodbye”
The higher-than-expected US inflation data led to a decrease in the probability of Fed’s interest rate cut in June.
Asia’s first Microstrategy, MetaPlanet adding BTC to its treasury
Metaplanet, a publicly traded investment company in Japan that focuses on Web3 and the metaverse, announced that it has received 1 billion yen ($6.5 million) in Bitcoin. After the development, the company’s value on the Japanese stock exchange increased by 90%.
Mike Novogratz believes Fed rate cut will benefit BTC
While the debate on when the Fed will start cutting interest rates continues, Mike Novogratz stated that contrary to popular belief, the institution does not need to take such a step. “They will., and it’s a great set up for BTC, gold, silver, copper.” Novogratz said.
30% of Deutsche Bank clients believe that Bitcoin will drop below $20,000
Interesting results emerged in the latest survey by German investment bank Deutsche Bank on Bitcoin and cryptocurrencies. One-third of the people in the survey conducted in the USA said that they think Bitcoin will drop below $20,000 by the end of 2024. However, it seems that old thoughts are slowly starting to disappear. 52% believe that cryptocurrencies will be important investment assets in the future.
Bitcoin halving prediction from Arthur Hayes: “The opposite usually occurs.”
Famous trader and investor Arthur Hayes stated that he expects a decline in cryptocurrency prices before and after the halving. “If the majority of market investors expect a rise, it is always the opposite,” Hayes said.
Skybridge founder: Bitcoin halving not priced in
Anthony Scaramucci, founder of crypto and digital asset investment company SkyBridge Capital, said in a program that Bitcoin could reach a price of $170,000 in the 18-month period after halving. Stating that he felt sorry for SBF, Scaramucci also stated that Gary Gensler “did a favour” to the cryptocurrency world.
Important developments to follow in Bitcoin and cryptocurrencies this week
As Bitcoin managed to raise its head again from the $64-65 thousand levels it fell last week and exceeded $71 thousand, there are important events that concern the cryptocurrency industry this week. From BlackRock’s earnings report to Fed minutes and new US inflation figures, important events and data will closely affect the movement in cryptocurrencies.