7 Days for Bitcoin Halvening
In 7 days exactly, every block’s quantity which will be mined in the Bitcoin network will be decreased by half (from 12.5 bitcoins to 6.25) and the entire community is trying to predict how the price will react to this event.
Mining activity hit red over the last days as hash rate peaks at 140 exahash / second, an all-time high for the network. This fact shows that miners’ compensation, even if it will be decreased by half, miners increase their production capabilities.
Bitcoin’s price is moving steadily on the upper side of $ 9,000, finding downward resistance at $ 8,500. It is worth noting that the network’s hash rate was multiplied 10 times over a week when Bitcoin price reached an all-time high at $ 19,000 in December 2017.
In the current period, Bitcoin is a contrarian asset regarding the market. Every government worldwide offers stimulus checks, every central bank issues new money while Bitcoin reduces money supply by half, making it more scarce and dominant.
We wait to see how the markets will react in the next day.