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Bitcoin price hits 7 500 USD - is that caused by Bitcoin halving?

3 min reading

There is less and less time for Bitcoin halving to come. Interestingly, the price of this cryptocurrency has recently recovered. What factors might have affected that?

bitcoin increases to 7 500

Bitcoin price chart current situation

The leading cryptocurrency started to regain its strength. In the last days Bitcoin fluctuated below 7 000 USD, but now its main goal is to break 8 000 USD. Yesterday’s session was really optimistic for BTC. Session was opened at 7 121 USD, and closed at 7 429 USD. Bitcoin price has increased by 308 USD, so about 4,33%.

In the 24-hour range, the situation looks even better. Bitcoin price has increased by 6%, and now it is 7 539 USD.

What drives Bitcoin price increases?

In this case, there are many theories. The main topic in the whole cryptocurrency community is of course the halving itself. The latest increases might not be having a close connection with that. In fact, it is most probable, that Bitcoin price will note a decline right after halving happens. 

Because world is struggling with the Coronavirus pandemic, and global financial crisis, everything gets even more complicated. There is a slight possibility, that some of people want to protect their savings by investing in Bitcoin and gold. Recently, we could observe a strong increases on both gold, and Bitcoin market. Although, gold might be hard to reach due to its physical form - it happens, that supply is delayed by even a month. Bitcoin is on the opposite - it is able to be reached immediately. 

An interesting questionnaire took place on the Paxful platform. A group of 500 people took part in it. As it turns out, 346 of them think, that Bitcoin will be used as a real-life payment method. What is interesting, 252 people said, that it will be used to combat inflation and corruption.

All the data from the questionnaire can be seen on the photo below.

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