Sunday, 10 May 2020

Two Days Before The 2016 Halving Bitcoin Plunged 11% : History Repeats Itself?


With only two days left to the third halving, severe levels of volatility reached the cryptocurrency market, and Bitcoin plunged by 20% in a matter of hours.
Similar price developments transpired back in July 2016 when, again, two days before the second halving, BTC dropped by 11%.

History On Track In 2016 and 2020

As CryptoPotato reported earlier today, the primary cryptocurrency, and most of the market, nosedived. After the recent impressive surge and touching the psychological level of $10,000, Bitcoin dipped below $8,000 on some exchanges.

Since this notable 20% plunge, however, the price of the asset has recovered slightly and is currently trading at $8,850.
In merely two days, arguably, the most anticipated event in the community this year is scheduled to occur. Aside from cutting in half the rewards miners receive for their efforts to 6.25 BTC per block, the Bitcoin halving typically serves as a catalyst for vigorous price developments as well.

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