After Bitcoin’s production was halved, and the price weakened for a short period of time, it rose to a maximum of US $9793.27 in the past three days. If calculated at the price before halving, it would rise by 14.5%. Due to the doubling of the difficulty of mining, the Hash Rate, which reflects the performance of global Bitcoin mining, has fallen by 30% in the past three days, and is regarded by some investors as one of the bullish signals or stimulating funds to start to be sought after.
Bitcoin reported $9635.9 as of 4:20 pm, an increase of 1.6%, while the transaction volume in 24 hours was $ 59.18 billion. The price suddenly dropped from 9573.2 US dollars to $8704.06 US dollars in the two days before the halving (May 10), and then fell to $8374.32 US dollars on the eve of the halving. However, when the halving of production officially took effect, the price performance only weakened for a short period of time before it started to pick up. If calculated at the highest level of 9793.27 US dollars in the past three days, Bitcoin has rebounded by 17% from the low.
According to the past two halving experiences, it will take bitcoin more than a year to reach the highest level in this period, and the market generally expects that it will take some time after this halving to have a more obvious upward trend. Singapore Cryptocurrency Fund Stack Funds issued a report yesterday saying that investors are ready to participate in the next round of Bitcoin’s upsurge and expect to have a great chance from the end of this year to the beginning of next year. The fund also believes that the beginning of negative interest rates in many countries around the world means that there is a chance of deflation, and the uncertainties in the traditional market will make Bitcoin a store of value.
At the same time, the increased difficulty of bitcoin mining has reduced the profits of miners. Many old mining machines or mines with more expensive electricity also need to suspend mining to reduce mining costs. According to the data of the blockchain data platform Glassnode, the hash rate has fallen by 30% in the past 3 days, reflecting the rapid decline in the computing power of global mines. Matt D’Souza, co-founder of cryptocurrency mining company Blockware Solutions, said that 25% to 35% of the mining network is expected to stop functioning, and the surviving miners will accumulate more bitcoin, which is People in the industry regard it as a sign that Bitcoin is rising.