BITCOIN kept surging

09 May 2020

Bitcoin kept surging and hit the $10,000 mark this week, continuing a rapid recovery from its precipitous crash to less than $4,000 in early March. Its gains have been fueled by media attention leading into Monday’s halving event—bitcoin’s first two halvings led to significant price rises, though macroeconomic conditions are far more uncertain now than they were in 2012 and 2016.


Some insiders fear that the event may be overhyped; bitcoin researcher Lennard Neo said, “we believe a short-term pullback is highly likely immediately post-halving, as traders begin taking profits.” But the long-term outlook remains bullish for most, especially in conjunction with the anticipation of inflation that may result from the vast stimulus packages signed into law to revive the economy.

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