Good News for Bitcoin: Price Remains Above $ 7,000
Within the Bitcoin news of the week, the price of BTC stands out. And, the cryptocurrency market has seen a relatively “stable” week.
BTC has moved between $ 6,600 and $ 7,300. Taking a turn for the breather, the main cryptocurrency in the market opened the doors for stronger earnings before the Bitcoin Halving that is on the doorstep.
The market is expecting positive performance for the cryptocurrency, tending to follow what happened after the 2012 and 2016 Halvings. This stands out among the Bitcoin news when considering the context of the crypto market.
The current price of the cryptocurrency is $ 7,250 with a bullish movement of 2.82% in the last 24 hours according to CryptoTrend’s Crypto Online tool.
Bitcoin benefited from printing money PlanB argued
BTC price bull markets coincide with a specific macroeconomic trend, and the next one may now be just around the corner.
Another of the Bitcoin news of the week is related to PlanB. In a debate on Twitter, PlanB, the vocal analyst who created Bitcoin’s flow-to-stock pricing model, argued that the cryptocurrency benefited from the printing of money.
In particular, the United States Federal Reserve’s quantitative easing (QE) programs seemed to generate price improvements.
“Interesting that $ 1.5T 2013 QE3 matches the 2013 Bitcoin bull marketSays a post.
PlanB responded to data from commentator Holger Zschaepitz, who revealed that since the Federal Reserve formally began to bail out the US economy. In mid-March, he has delivered $ 2 trillion in cash to Wall Street.
PlanB expects the price of BTC to increase 10 times after Halving.
This week, PlanB expressed via Twitter that it sticks to the BTC price increase in “An order of magnitude” in the two years after the reduction to the middle of May.
In this sense, he hopes that the next Bitcoin Halving will boost the value of the cryptocurrency 10 times more than its value.
Bitcoin Halving News On Google Exceeds Previous Limits
Google Trends searches for “Bitcoin Halving” recently hit record levels, suggesting strong interest in the retail crowd about the upcoming bid-disruption event.
Google Trends data as of April 14 indicates that this year’s peak of interest in the event is 16% higher than in 2016, the last time the halving occurred online.
The cryptocurrency goes through a process called Bitcoin Halving every four years. The built-in mechanism reduces the reward per block mined on the BTC blockchain by 50%.
The halving in 2020 will be the third of its kind and will reduce Bitcoin’s issue rate to 6.5 BTC for every 10 minutes of mining.
IMF warned historic economic recession in 90 years
Ending with today’s Bitcoin news, it stands out that, the IMF warned historic economic recession since the Great Depression.
The International Monetary Fund expressed through a report on its blog that the economy will slow down by 3% in 2020. It represents a drastic change from your forecasts in the latest World Economic Outlook report released in January. Given this, the question arises whether Bitcoin could be an option in the midst of this situation.
All of this was generated by the spread of the Coronavirus pandemic. That, in addition to causing thousands of deaths worldwide, also caused a blockage and paralysis in economic activity.
Is Bitcoin an option?
Not being so correlated with traditional markets, BTC may represent an alternative to face the recession that is coming this year. Also, with Halving on the agenda for next month, traders would be taking more positions with Bitcoin.
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