Before the coronavirus hit, bitcoiners were looking forward to next month’s “halving” \u2013 a once-every-four-years reduction in new supplies of the cryptocurrency \u2013 as the primary factor that would drive prices higher, potentially even a 13-fold increase from current levels.<\/p>\n\n\n\n
Since the coronavirus pandemic hit, however, the market’s focus has shifted instead to the trillions of dollars of emergency aid and money injections pledged by the world’s governments and central banks. Those are seen as enhancing bitcoin’s<\/a> appeal as a hedge against inflation, similar to the traditional arguments for buying gold.<\/p>\n\n\n\n You’re reading\u00a0First Mover<\/strong>, CoinDesk’s daily markets newsletter. Assembled by the CoinDesk Markets Team, First Mover starts your day with the most up-to-date sentiment around crypto markets, which of course never close, putting in context every wild swing in bitcoin and more. We follow the money so you don\u2019t have to. Before the coronavirus hit, bitcoiners were looking forward to next month’s “halving” \u2013 a once-every-four-years reduction in new supplies of the cryptocurrency \u2013 as the primary factor that would drive prices higher, potentially even a 13-fold increase from current levels. Since the coronavirus pandemic hit, however, the market’s focus has shifted instead to the trillions of dollars of emergency aid and money […]<\/p>\n","protected":false},"author":1,"featured_media":723,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,13,4],"tags":[],"_links":{"self":[{"href":"https:\/\/adamas.io\/index.php?rest_route=\/wp\/v2\/posts\/722"}],"collection":[{"href":"https:\/\/adamas.io\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/adamas.io\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/adamas.io\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/adamas.io\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=722"}],"version-history":[{"count":1,"href":"https:\/\/adamas.io\/index.php?rest_route=\/wp\/v2\/posts\/722\/revisions"}],"predecessor-version":[{"id":724,"href":"https:\/\/adamas.io\/index.php?rest_route=\/wp\/v2\/posts\/722\/revisions\/724"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/adamas.io\/index.php?rest_route=\/wp\/v2\/media\/723"}],"wp:attachment":[{"href":"https:\/\/adamas.io\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/adamas.io\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/adamas.io\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
However, with bitcoin prices stagnating over the past week in a range between $6,600 and $7,200,\u00a0well below the level predicted in many investors’ halving-predicated models, some industry analysts have been wondering when, or\u00a0even if, prices will take off. An even knottier\u00a0quandary for bitcoin bulls looms if prices begin to tumble\u00a0anew.\u00a0
“I don’t want to say that this is going to be bitcoin’s last stand, but it really is going to put the dominant investment narratives to the test,” said Joshua Frank, CEO of\u00a0TheTIE<\/a>, a provider of data on digital assets.
Read more:
https:\/\/www.coindesk.com\/first-mover-coronavirus-trillions-get-bitcoiners-<\/a>wondering-if-halving-still-matters<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"