BTC remained sideways after the much awaited halving yesterday. In the daily, support is around 8,000 and immediate resistance is around 9,200. A reclaim above the 9,500 area could be a good scenario for BTC to retest 10,000 level again. Otherwise, price might plunge if 8,000 fails to hold; with 50MA as the next possible support.
Global market cap is at $239B, while BTC's market cap is at $160B.
Bitcoin's third halving happened at exactly 630,000 blocks yesterday, May 11. The latest Bitcoin mining block reward halving reduced the Bitcoin block reward from 12.5 BTC to 6.25 BTC. While previous halvings eventually impacted Bitcoin's price significantly, it is still an ongoing debate whether the third halving will have effect on price. Several crypto experts also predict that the latest halving will impact miners directly and many will shut down due to devices being outdated.
The miners who extracted Bitcoin’s 630,000 block (thus triggering the third halving of Bitcoin’s mining reward), paid homage to Bitcoin’s creator with the message they inscribed on the block itself:
NYTimes 09/Apr/2020 With $2.3T Injection, Fed's Plan Far Exceeds 2008 Rescue
Bitcoin halving is a big part BTC's history and only takes place once every 210,000 blocks mined, or once every four years. It cuts the miner reward block by 50%.
Youtube blocked and deleted Cointelegraph's Bitcoin halving livestream yesterday, May 11. The stream was scheduled for a full day of programming with guests namely Tim Draper, Roger Ver, Meltem Demirors and many more. While the stream successfully started, Youtube pulled the plug six hours and 42 minutes into an almost finished program. Almost 2,000 viewers were locked out of coverage on the said livestream.
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