Bitcoin’s long-anticipated halving event took place Monday afternoon New York time. Now what?
At the time it took place (19:23 UTC or 3:30 p.m. ET), bitcoin was trading below its 10-day and 50-day moving averages, bearish technical indicators after a huge 10% drop in price on May 10 at 00:00 UTC. This was triggered by an outage striking San Francisco-based exchange Coinbase. At press time, bitcoin (BTC) was trading down less than a percent over 24 hours at $8,677.
The bitcoin halving, which reduced the new supply of bitcoin generated by cryptocurrency miners from 12.5 to 6.25 BTC per block (a reduction from roughly 1,800 BTC down to 900 BTC per day), arrived amid economic unpredictability due to the coronavirus pandemic. “The international scenario is quite different than in 2016, and bitcoin has never been tested during a global economic crisis. So we can expect anything to happen,” said Sebastian Serrano, CEO of Argentina-based cryptocurrency exchange Ripio.
Despite higher volumes on Coinbase prior to bitcoin’s halving, it doesn’t mean volume will continue to rise in the short term, said Christopher Thomas, head of digital assets at Swissquote Bank. “I think we’re now in the zone where no significant retail money will come in this week and I think we’ll trade between $8,000-$9,000 for the next week or so, with a reasonable possibility of a drop to $7,300.”
Tether’s (USDT) has just surpassed XRP in market capitalization, becoming the third biggest cryptocurrency in the moments leading into the Bitcoin halving.
Sitting with a market cap of $8.79 Billion it is now bigger than XRP, whose market cap is roughly $8.6 billion. USDT is currently second only to Ether (ETH) as the largest altcoin in the cryptocurrency market.
The market cap rise comes as a result of the constant increase in the supply of USDT, the majority of which circulates on the Ethereum blockchain. There have also been huge inflows of USDT into exchanges in recent weeks in the run-up to the Bitcoin halving.
Vitalik Buterin said the Ethereum 2.0 protocol upgrade, which will change the consensus mechanism to proof-of-stake (PoS), is well on its way to launching sometime in July.
Kicking off the Consensus: Distributed event Monday, the founder of Ethereum told CoinDesk's Michael Casey and Zack Seward the testnet for Ethereum 2.0 was already live and the first phases of implementation began about a week ago.
Here is the link to Vitalik's interview
YouTube’s censorship rabbit hole is deep, especially as it pertains to cryptocurrency topics.
Cointelegraph had a full day of programming lined up for a livestream that covered Bitcoin’s third block halving on May 11. The agenda mostly went off without a hitch — fintech luminaries like Tim Draper, Roger Ver, Meltem Demirors, and many more shared their time and opinions with Cointelegraph editorial staff over the course of a livestream that lasted just under seven hours.
But the stream was blocked and deleted six hours and 42 minutes into a nearly finished program, locking more than 2,000 viewers out of our coverage. YouTube is notorious for bans and censorship of crypto-related content, and it’s driven a number of crypto content creators to competing platforms that operate on decentralized principles.
The third BTC mining reward halving, that is estimated to happen this evening (UTC time), may have a smaller impact on the price of bitcoin than what has traditionally been expected around such events, Payal Lakhani, Director of Equity Research and Product Development at CME Group, said in a recent blog post.
The reason for this, according to her, is that miners – who are considered to be among the biggest sellers of bitcoin in the market – now have a larger number of tools at their disposal to manage price risk that didn’t previously exist.
“The 2020 halving event has several additional factors than previous such events including the availability of CME Bitcoin futures and options, which investors and miners can use to hedge or express views on the bitcoin price,” Lakhani said.
She stressed that this changes the narrative around the halving for three key reasons:
TomoChain will support TomoX Protocol.
"On Tuesday at 12:30 pm ET, @JedMcCaleb will be live at #ConsensusDistributed with @La__Cuen talking about the evolution of crypto..."
"If we are ready to launch, we will launch. Before halving is still the target."
"The Genesis Staking process starts on Tuesday at 13:00 UTC"
"Mark your calendars! Next week Tuesday, May 12, 2020, we will be holding an #AMA in our official Telegram group..."
@cryptopassionHere is the chart of my last analysis :
Here is the current chart :
So today we are enjoying a nice fight between buyers and sellers. We tested the support line at 8200$ but and also the resistance line around 9000$. This is a nice range for scalper who have been able to do nice move in just some minutes. However, at one moment the market will take decide the direction of the final move so let's see who will win.
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