Bitcoin Booms & races past $9,000 As Halving Looms – My Comments

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[The halving is an event every 4 years where they halve the speed at which Bitcoins are mined. So it slows down the number of Bitcoins that can be mined. It therefore constricts the supply. I like that. I think that the limited number of Bitcoins will in the end be the kicker. I suspect the price will not always go up this fast. This is more a technical/tactical, short term thing. Jan]

CRYPTO MARKETS

Bitcoin briefly surged past $9,000 this week to its highest since February, mirroring the stock market rally in the middle of the week as Fed chair Jerome Powell said he’s willing to take more action to prop up the economy. With less than two weeks until bitcoin’s halving, investors were uncertain about which direction the price would go as the event approached. “At this stage, it appears that the bulls have prevailed,” digital asset researcher Denis Vinokourov says.

Other major cryptocurrencies recorded impressive gains Wednesday as well, and stellar was up more than 75% since the beginning of 2020 at its peak. The market receded slightly as investors took profits toward the end of the week.

Source: Messari. Prices as of 4:00 p.m. on May 1, 2020.