Bitcoin traders shrug off 'halving' to focus on broader market risks
Bitcoin enthusiasts had eagerly waited for the «halving» — a change to the cryptocurrency's underlying technology that happened around 0014 GMT on Saturday and is designed to cut the rate at which new bitcoins are created.
The change takes place every four years and some crypto fans pointed to price gains in the aftermath of previous halvings as a sign that bitcoin would rally again.
By 1415 GMT on Monday, there was little discernible impact, with bitcoin trading at $66,300. It gained 1.2% last week and was up 3.4% on Monday, but has mostly struggled for direction since hitting an all-time high of $73,794 last month.
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details» «The geopolitical events unfolding at the minute are having a larger impact than any impact from the halving. So that'd be the perceived easing of tensions between Iran and Israel,» said Mick Roche, senior trader at Standard Chartered's crypto arm, Zodia Markets.
World stocks recovered some losses on Monday as investors reversed some defensive positions they had taken on fears of a wider Middle East conflict.
Eric
