Recently, a big jump observed in the value of Cryptocurrency due to a significant rise in Bitcoin. The importance of Cryptocurrency made an exponential jump to $35.3 Billion in 24 hours, led by the increase of Bitcoin according to the reports. The Cryptocurrency had significant setbacks in March, but this considerable jump in the valuation of Crypto has almost recovered those setbacks. Their assessment was recorded at 2.03 p.m in Singapore according to the reports.
Bitcoin has been the influential part of the surge in Cryptocurrencies as, according to the Coin Desk data, Bitcoin’s price was at $9,388.30 recorded at 2.03 p.m in Singapore. It is the highest surge in Bitcoin after the 7th of March. If we go by the experts, then it is believed that surge in Bitcoin is due to two factors:
- Central Bank Monetary Policy is the primary factor behind the surge as the Major Central Banks of different countries have announced the relief packages due to the spread of Coronavirus in different parts of the World.
- Another possible reason could be an upcoming event known as “Bitcoin Halving.”
So, experts believe that these are the two factors due to which there has been a massive movement in the Stock market in recent times.
Top Ten Crypto Assets Gain 4-14% 24 Hours
What is Bitcoin Halving?
Bitcoin Halving is nothing but an event where some changes are done in the programming of Bitcoin’s technology, which is often known as “Blockchain Technology.”
As per the reports, this event is going to take place in May, which means anytime soon, we can hear the news of Bitcoin Halving.
Well, this is an opportunity to buy a Bitcoin at bargained rates before prices surge after the event of Bitcoin Halving.