Crypto analysts are split on whether bitcoin's rise this year is driven by ...
LONDON - Crypto analysts are split on whether bitcoin’s rise this year is driven by unique factors or is just its latest bout of volatility. But many agree on one factor: an upcoming cut to the supply of bitcoin.
The cryptocurrency’s 11-year history is replete with fast ascents and equally rapid plunges. In late 2017, it rose three and a half times in just 35 days to reach almost $20,000. It then slumped 70% in seven weeks. “You can argue that there is a fresh valuation going on,” said Russ Mould, investment director at AJ Bell, a stockbroker that oversees assets worth $71 billion.
In the year after the two previous halvings, in November 2012 and July 2016, bitcoin rose around by 80 times and four times respectively. The exact proportion of the gains caused by the halving is unclear. “We have these mini-bubbles, and the momentum that it creates - bitcoin first, then these other coins. It’s a self-fulfilling prophecy.”
Bitcoin’s “safety” characteristic is unclear. It has regularly fallen in times of geopolitical stress in recent years.
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