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Bitcoin Halving Will Inevitably Move BTC Price: Alistair Milne

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  • Alex Dovbnya
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    British entrepreneur Alistair Milne fails to understand how the Bitcoin price could possibly not increase after the halvening event

Bitcoin Halving Will Inevitably Move BTC Price: Alistair Milne
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Contents

Bitcoin's third reward halving, which is expected to occur in May 2020, is already shaping up to be the main narrative that will drive the crypto market next year.

Bitcoin vet Alistair Milne fails to understand how the coin's forthcoming halvening won't move its price. 

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Economics 101 

The maximum supply of Bitcoin has a hard cap of 21 million coins. Based on a disinflationary model, the rate at which new coins get produces slows down with each halving. In less than six months, Bitcoin miners will only be able to receive 6.25 BTC per block. 

Considering that the demand for Bitcoin remains high, its prices could once again appreciate greatly, replicating the two previous bull runs. 

According to legendary venture capitalist Tim Draper, who accurately predicted Bitcoin's rapid ascent to $10,000 back in 2014, believes that the top coin courge touch $250,000 in 2022.   

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The bearish case for BTC   

Still, there are some skeptics who believe that the significance of Bitcoin halving is overestimated, and BTC might not pump this time around. Their main argument is that the upcoming reward reduction could be already priced in. 

The Bitcoin ecosystem is also drastically different in 2019 compared to the previous cycles.The cryptocurrency derivatives market continues to grow in scope with the likes of CME Group and Bakkt tapping into institutional investors. 

As reported by U.Today, crypto analyst Willy Woo said that there was a good reason to believe that the Bitcoin price might not repeat its previous market cycles due to its unusually bearish price action

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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$13 Mln in ETH Transferred to Poloniex from Wallet Inactive for Almost 2 Years

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  • Yuri Molchan
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    The Whale Alert account reports that nearly 89,000 ETH was wired to Poloniex from a wallet that had remained inactive since April 2018

$13 Mln in ETH Transferred to Poloniex from Wallet Inactive for Almost 2 Years
Cover image via u.today

On Friday, the Twitter account Whale Alert that tracks large movements of crypto on the blockchain, spotted nearly 89,000 ETH (that’s around $13 mln in Ethereum) sent to the Poloniex exchange.

The account points out that the wallet which sent the money had been inactive since April 1 last year. No one has used it for nearly two years, apparently, waiting for the crypto winter to be over and hoping for a price surge afterwards.

One of the possible reasons of this wallet becoming active again is the Ethereum hard fork Istanbul which is about to happen today, on December 7, at block 9069000.

Very often the price of an asset goes up after a major upgrade (the Istanbul hard fork will not cause an appearance of a separate coin as it was with Ethereum Classic).

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Earlier, U.Today reported that the South Korean exchange Upbit suffered from a hacker's attack and lost around $50 mln in Ethereum. Whale Alert on Twitter has recently published data about $37 mln stolen from Upbit that was moved by the hacker from one wallet to another.

The head of Binance, CZ, has promised that all funds stolen from Upbit that would end up on Binance would be immediately frozen.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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