{"id":423521,"date":"2020-05-12T01:00:06","date_gmt":"2020-05-12T01:00:06","guid":{"rendered":"https:\/\/wncen.com\/?p=423521"},"modified":"2024-06-11T13:48:32","modified_gmt":"2024-06-11T13:48:32","slug":"bitcoin-halving-is-met-with-mixed-sentiment-amongst-traders","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-halving-is-met-with-mixed-sentiment-amongst-traders\/","title":{"rendered":"Bitcoin Halving is Met with Mixed Sentiment Amongst Traders"},"content":{"rendered":"
Bitcoin\u2019s highly anticipated mining rewards halving took place earlier today. The benchmark cryptocurrency didn\u2019t see any notable volatility in tandem with the event, and its hash rate has only declined slightly in the hours directly following the block rewards reduction.<\/p>\n
There\u2019s no question that the mining rewards reduction that comes about as a result of the halving is bullish for Bitcoin in the long-term, but its short-term impacts on BTC\u2019s price<\/a> remain widely debated.<\/p>\n Data regarding the sentiment amongst traders indicates that market participants are still at odds over whether or not the crypto will see a post-halving rally or crash.<\/p>\n Technical analysis, however, seems to suggest that bulls are firmly in control and that the \u201csell the news\u201d dip has already passed.<\/p>\n Bitcoin\u2019s halving completed just a few hours ago, reducing the cryptocurrency\u2019s block rewards by 50% and decreasing its inflation rate to 1.8% per annum.<\/p>\n Bitcoin\u2019s price action<\/a> has been rather lackluster concurrently with this event taking place.<\/p>\n It did see a sharp selloff to lows of $8,100 just before the event took place, but this dip was quickly absorbed by buying pressure that led it back into the mid-$8,000 region.<\/p>\n The case for the halving offering short-term bullish impacts on BTC\u2019s price action is largely centered around the notion that miners will start holding more of their newly minted crypto rather than selling it.<\/p>\n These miners would then attempt to sell this crypto once its price appreciates, as this would help offset the profit reduction caused by this event.<\/p>\n Traders are at odds as to whether or not this narrative will play out, however, as data<\/a> from blockchain analytics firm Santiment signals that sentiment regarding the halving\u2019s short-term price impacts is mixed.<\/p>\n \u201cCrowd sentiment with the BTC halvening now official is mixed, and many traders are scrambling in regard to which individuals’ theory of price movement they should latch on to, and figuring out which is most likely to come to fruition\u201d they explained.<\/p><\/blockquote>\nBitcoin\u2019s Halving Concludes as Traders Closely Watch to See Where BTC Goes Next<\/strong><\/h2>\n