Bitcoin slid below $9 000 on Monday for the first time since May, joining a downdraft in global equities amid growing concern about the risks of a second wave of coronavirus infections.
Investors expecting a sudden surge in bitcoin’s price, after it underwent a technical adjustment three weeks ago that reduced the rate at which new coins are generated, may have to wait.
Major cryptocurrencies including bitcoin and ether have surged over the past week, but technical indicators show they’re butting up against a key resistance level.
It’s been left for dead more than once. Yet bitcoin is once again staging a comeback reminiscent of the token’s glory days, with evangelists pegging their hopes on a technical event as the new catalyst.
As bitcoin’s “halving” approaches, the cryptocurrency’s supporters and sceptics are debating what kind of impact it may have on the coin’s value. What does it all mean?