The rapid digitization of the world caused many players from the traditional finance sector to explore and adopt innovative solutions including cryptocurrency. In its turn, it has brought enough good news to the market to take Bitcoin price to new highs.
Bitcoin surged to hit over $7,500. It is now trading at up to $7,546 at several cryptocurrency exchanges such as Upbit, Binance, KuCoin, Bithumb, and others. On the other hand, stock markets have been on the decline as institutional selling and coronavirus treatment development failed to prove.
In March 2020 Bitcoin price volatility surged to a record high, due to massive sell-offs and panic on the market. However, recent researches of the cryptocurrency show that long term Bitcoin holders, aka Hodlers, are not in a hurry to sell their tokens.
Multiple Bitcoin price falls on March 12 to $6,040 USD and another fall on March 13 to new lows of $4,563 totaled a 40% price decline in just 24 hours. Both falls were caused by massive and continuous Bitcoin sales.
Bitcoin recently experienced a bearish run fueled by many macro level disruptive events most notable of which is the COVID-19. The cryptocurrency will undergo another halving in May 2020 which will cut miner’s reward by half from 12.5 BTC per block to just 6.25 BTC for every block a miner finds.