In the aftermath of bitcoin’s ‘halving’ on 9th July, market experts have begun to take positions on whether they believe the digital currency’s price will rise or fall in the weeks and months ahead. Long a matter of discussion in bitcoin’s trading community, market observers had been anticipating the event, which saw the number of new bitcoins issued per transaction block reduced from 25 BTC to 12.5 BTC, for years, and had been eager to see how it may affect both trading and the larger sentiments of investors.
Any anxieties have now been eased, as one week after the change, the halving has been seen by many a non-event in terms of price or overall impact on the network.
While the digital currency experienced, by bitcoin standards, a modest decline following the event (falling to $626.87 on 9th July, a figure that was 5.7% below the opening price), bitcoin prices have remained relatively stable.
Since then, prices have continued to build gains, rising to a press time total of $668.75, and going forward, many market observers suggest gains are likely to continue. Gains ahead?
Market observer Joe Lee, co-founder and CIO of digital currency trading platform Magnr, for example, expects to see a "slow and steady" rise in the price to coincide with new confidence in the system.
"[The halving] represents a new level of maturity and stability in bitcoin’s blockchain," Lee told CoinDesk.
Lee said any gains are likely to be a reflection of new demand from those who were reluctant to invest before what was perceived to be a major event in the digital currency’s calendar.
Arthur Hayes, co-founder and CEO of leveraged bitcoin trading platform BitMEX , identified a separate source of potential bitcoin gains by pointing to new macroeconomic concerns.While some observers said China and ‘the Brexit’ drove much of this […]
