Bitcoin (BTC) Price and Miners may respond negatively to the Pandemic Situation as well as its scheduled halving
By Ollie Hurst – Cryptocurrency Expert
Bitcoin’s mining reward halving is about to occur soon, encouraging analysts and experts to become even more engaged in the market. Those who Buy and Sell cryptocurrency often use its historic performance as an indicator, while others are skeptical to the networks’ future due to the ongoing pandemic situation as well as the halving protocol. These factors have led some to believe that considerable competition will start taking place amongst miners with damaging effects on the price of Bitcoin (BTC).
Bitcoin’s reward halving is taking place in May. Provided that this is cutting the mining price in half, those investing in cryptocurrency believe that this will have result in a price increase and generally a positive impact on its value.
In contrast to this, others in the cryptocurrency community, via a Twitter thread, have taken a different stance. They state that the price range could decline between $2000-$2200 from May to June. This massive decrease is expected due to the new mining protocol that some suggest will lead to those that are central to the network mining wanting to have an ‘absolute monopoly’ of the market.
Since Bitcoin has existed in circulation, halving has proved to be a pivotal moment for the space. However, history can never be taken as a reliable and definitive reference point for cryptocurrency prices in the future. CSO at CoinShares, Meltem Demirors, and many others like him continue to highlight that halving might not impact the price of BTC much, largely because major Bitcoin trading takes place by Bitcoin derivatives.