Bitcoin Pauses After Halving Event Passes

May 17, 2020, by Maayan
Bitcoin has paused after the strong April rally and $10k test.

Bitcoin Fireworks Fizzle Out After Halving Event

The price of BTC took a pause after the recent rally to the $10,000 level. The coin passed the important halving event on Tuesday, when block rewards for miners were cut in half. The event saw a big anticipation rally in April and now that it has passed, traders are pausing to decide the fate of the largest cryptocurrency.

After a drop to the $9,200 mark, the coin has recovered to $9,500 and the weekend should be key to the next big move. Bulls will want to see it make another run for the $10k level in hope that it can break through to higher ground.

Litecoin Dips with BTC as Coin Migrates to BitGo Wallet

Litecoin has dropped since last week’s boost when the coin approached the $50.00 level. The coin had been moving higher into the weekend but was rejected by the resistance and fell to the $40.00 level. The price has since recovered to around $45.00 in line with the BTC pause.

Litecoin is still the fourth most traded coin with a volume of $5 billion per day. Tether is number one, but it is simply a peg to the U.S. dollar. BTC still dominates the market with $50 billion in trading activity per day.

In development news, Litecoin has moved to the BitGo wallet, which the foundation says will provide, “greater convenience and nearly the same level of security. Litecoin has also begun testing a new system called Mimblewimble, which is aimed at improving privacy and scalability to LTC- both of which are key attributes for investors.

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.