Bitcoin exceeds $ 9,000 as halving approaches

Tonight, the Bitcoin (BTC) price has passed the bar $ 9,000 and now evolves around $ 9,300. Several analysts justify the rise in market prices with the imminent arrival of halving.

As the first cryptocurrency prepares to live its 3rd halving, which is to halve the rewards distributed to miners on the network, within 2 weeks, its price has increased by more than 15% in the last 24 hours.

It seems that the halving Bitcoin is starting to have an impact on the price. I expect Bitcoin to retest the range of $ 9,000 to $ 10,000 before halving it, "said Nemo Qin, senior analyst at eToro.

Many investors hope that the bitcoin price will increase as in its two previous halving (2012 and 2016) and this could explain this increase a few days before the event.

However, Bitcoin is now in overbought based on the GTI Global Strength Indicator and it could be difficult for the digital coin to make additional gains in the short term, warns Bloomberg.

The crypto market in 2020 is very different from previous halvings, and the impact of miners selling their bitcoins differs significantly this time. This will likely mitigate the sales effects after halving. The impact of covid-19 is so close to the halving and correlation of Bitcoin with the stock markets that it means that we may not see a sharp rise in prices, ”added Charles Hayter, CEO of CryptoCompare.

Yesterday, following the increase in prices, crypto-exchanges seem to have been taken by storm and the most popular, in particular Kraken and Coinbase, suffered temporary breakdowns.

The Californian crypto-broker tweeted that a " performance degradation, with brief downtime for Coinbase and Coinbase Pro ", had occurred.

According to the data provider Screw, Coinbase recorded more than $ 300 million daily volume Wednesday, almost 3 times more than the previous days.

The other main cryptocurrencies on the market are also recording gains, which are nevertheless lower than those of Bitcoin. Over the past 24 hours, Ethereum progresses by about 12% and the XRP de Ripple recorded an increase of almost 10%.