The COVID-19 pandemic has wreaked havoc on the global economy due to which Bitcoin came into a halving phase in May. The halving has changed the supply side of the bitcoin and increased the time needed for miners to find their break-even points. However, as things started to stabilize, the value of Bitcoin also surged.
Bitcoin Witnesses a Sharp Spike in its Value for the First Time Since June
The halving has changed the supply side of the bitcoin and increased the time needed for miners to find their break-even points. The head of Business development at Cryptocurrency exchange Vijay Ayyar told that the people who had purchased bitcoins earlier were confused about whether to sell off their Bitcoin to the small-scale participants of the market that could lower the value and make it more charming for the bigger traders in order to increase their digital assets. In an interview, Vijay stated, Although Bitcoin witnessed a surge last week, popular Wall Street indices were lower. On the other side, Gold has continued to rise in rate and has seen a record high in terms of price. Therefore, uncertainty still prevails over the future of digital currency. Check out? Digital Currency to Replace Cash-Only Economy
