Bitcoin halving fears intensify, Coinbase crashes


Bitcoin is now hovering around the $8,000 mark barely two days after smashing the resistance at $8,850 to make the jump above $10,000. Sellers have been pushed on the leading exchange platform, Coinbase, to sell their assets.

The bulk of sales orders has, in turn, caused the exchange platform to crash; the second time, it will happen in two weeks. With the Bitcoin halving set to occur in a matter of days, traders don’t want to be around if the events go sideways.

Impending halving generates massive buzz

The waves that the third Bitcoin halving that is happening in a couple of days is generating has caused effects in the digital market. While some analysts argue that the leasing crypto would go the way the previous halving has gone by a surge in price, other analysts were quick to warn that the odds don’t favor a Bitcoin price surge this time around. The buzz has caused the price of Bitcoin to decline since it experienced a massive price surge in the previous weeks.

Bitcoin price resets as Coinbase experience crash

With the coin currently hovering around $8,600, the price of the coin experienced a massive pullback by 13% from Saturdays $9,900. The pullback happens in less than two days to the much-anticipated halving that is scheduled to occur this month, which has prompted questions about the effects the halving might have on the coins price.

Bitcoin traded at $8,100 against the dollar, which caused traders to submit massive sell requests, thereby crashing the exchange platform.

Analysts are keeping their fingers crossed if the forthcoming Bitcoin halving might be a good reason for the leading digital asset to experience a price surge or a miner capitulation that will happen after the mining has taken place.

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Ifeanyi Egede

Ifeanyi Egede is an experienced and versatile freelance writer and researcher on the blockchain space and related matters with published works online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids.

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