Join Our Telegram channel to stay up to date on breaking news coverage
It finally happened. Bitcoin’s halving event came, and it had less of a bullish effect that some had expected. In the past, a halving led to a spectacular bull run that eventually bubbled out. This time, however, it seems that Bitcoin trading has taken on a whipsaw effect, with the coin jumping 5% to 7% in value every direction for some time now.
The world’s first digital asset managed to garner a quick rally of 8%, going from $8,475 to $9,168. However, that progress was snuffed rather quickly, dropping once more below the support of $8,750.
A Play At Politics
What’s interesting, is the fact that there has been some politics intermixed as well by the block miners themselves. At the 629,000 black, f2pool inserted a message once it was mined: “NYTimes 09/Apr/2020 With $2.3T Injection, Fed’s Plan Far Exceeds 2008 Rescue.”
The message itself was a small witty nod to the note left by the great Satoshi Nakamoto back in 2009 when the genesis block was mined. Nakamoto’s note read “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” within the first Bitcoin block ever mined. With f2pool’s message, it references the US Federal reserve pushing in $2.3 trillion into the US economy through a stimulus package. This comes in a bid to try and protect the US economy from caving in on itself after the severe impact of the coronavirus pandemic.
Good And Bad Cancelling Each Other
In general, the halving event follows what many analysts, both professionals, and amateurs, had expected: It would be a non-event, more or less.
While the Bitcoin halving in and of itself is an extremely bullish event, the timing of it means that it occurred during one of the most bearish events in history: The COVID-19 pandemic. With this in mind, only a few held the hopes of a mega-rally event occurring in Bitcoin’s price.
Twitter Sentiments Skyrocket
However, while there is no rally in Bitcoin’s price, crypto twitter is undoubtedly abuzz with the entire event occurring. According to The TIE, an alternative data provider for various digital assets, the past 24 hours of tweets for crypto saw a massive surge in keyword mentions regarding Bitcoin and the halving.
Bitcoin’s overall dominance regarding tweets of cryptocurrencies as a whole has managed to surge to a 6-month high as the halving event approached. The same could be said about Bitcoin’s daily sentiment scores, as well as the overall volume of tweets regarding Bitcoin and the halving event.
Read more:
Join Our Telegram channel to stay up to date on breaking news coverage
