Bitcoin has reached all-time highs following its halving in April.
The price of Bitcoin shot past R1.5 million overnight on South Africa’s largest crypto asset exchanges as it topped $89,000 per coin internationally.— a mechanism built into the blockchain’s protocol that halves the rewards paid to miners for validating transactions.
“Yes, the incoming Bitcoin-friendly administration has provided a recent catalyst, but that’s not the main story here,”“The main story here is that we are 6+ months post-halving and that means a supply shock has accumulated,” he continued.Myers believes the only way to restore supply-demand price equilibrium is for the Bitcoin price to go higher.“It sounds crazy to say there will be a reliable, predictable bubble every four years.
Other pledges include setting up a strategic US Bitcoin stockpile and boosting domestic mining of the token. “The question for traders not already set is whether there is still room to chase this red-hot play or wait for a slight retracement and for some of the heat to come out of the impulsive trend.”
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Harris, Trump locked in tight US presidential race as swing state results pendingBitcoin surged to over $75,000 as early returns appeared favourable for Trump on Tuesday night
Read more »
Brace for crypto chaos in the coming daysBitcoin speculators are bracing for potentially pronounced market volatility in the aftermath of the US election.
Read more »
One tech company that outperformed BitcoinAn investment in Bitcoin 10 years ago would be worth substantially more than the same investment in six of the Magnificent 7. Here is the exception.
Read more »
Bitcoin nears record high ahead of US electionBitcoin rose past $70 000 for the first time since June, bolstered by potential outcomes of the US election.
Read more »
2024 election latest news: Bitcoin ION Cloud Mining makes $20 000 a day – Cryptocurrency gains momentumTrump’s promises to make the US the centre of global cryptocurrencies are making people rethink about how to invest in digital assets
Read more »
Why Trump’s win drove Bitcoin to its new recordWith the re-election of Donald Trump, Bitcoin has reached a new all-time high thanks to a series of promises he made to investors in July.
Read more »