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Why is Bitcoin Price Rising ?

  • November 20, 2020 06:47 PM AEDT
  • Team Kalkine

On 21 October 2020, PayPal disclosed its intention to enter the cryptocurrency space by allowing its customers to transact in Bitcoins and various other cryptocurrencies through their PayPal accounts. Furthermore, the Company envisions to enable its ~ 26 million merchants to accept bitcoin as a source of financial transactions and ownership transfer. To begin with, the global payment technology giant would enable four currencies on its platform, namely, Litecoin, Bitcoin Cash, Ethereum, and Bitcoin.

Gold MTF non-AMP

  Bitcoin is just 12% shy of its previous all-time high of USD 19,891.0, last seen on 17 December 2017 with the currency clinching a high of USD 18,180.0 (as of 18 November 2020 3:21 PM AEDT). The currency has now penetrated its long-term resistance USD 18,000 mark, and the market participants are closely watching the USD 20,000 levels. The chorus is growing for the crypto to scale the USD 20K levels.

The Squeezing Supply - Since the last halving day on 11 May 2020, the reward for mining a block in a blockchain has been reduced by 50 percent to 6.25 bitcoins per block, which would be further reduced to 3.125 per block after 210,000 blocks have been mined. Many industry experts anticipate that with current computational power and hash rates, the next halving would fall on 8 May 2024 at 21:09:46 UTC.

 


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