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Bitcoin hits $ 10,000 after three months and pulls cryptocurrency up

Cryptocurrency

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Bitcoin continues in a strong bullish movement and exceeded $ 10,000 at 1:01 am this Sunday morning (09), coming to trade at $ 10,109 in the following minutes.

In Brazil, the price of cryptocurrency broke the R $ 43,000 in the main brokerage firms. The rise in bitcoin in reais is also driven by the dollar, which is at the highest level in history, at R $ 4.32.

With the new high, bitcoin now reaches its 2020 high and highest price since October 2019, when it traded above $ 10,000 for a few hours, dropping to $ 6,600 in the following weeks.

In 2020, Bitcoin has already accumulated 38% appreciation, after opening the year at $ 7,200. 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. The next one will take place in the first fortnight, in approximately 90 days.

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.

Cryptocurrencies on the rise

The main cryptocurrencies on the market are also operating at a high on the day. Ethereum and XRP earn 3.74% and 2.59% respectively.

Highlighted is Bitcoin SV, which values ​​12.01% and trades at $ 362.

The capitalization of the crypto market also records the highest level of 2020, totaling US $ 287 billion.


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Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.