Bitcoin Price Volatile 24 Hours Before Halving, Key Indicators Bullish

With Bitcoin’s (BTC) third mining rewards halving just over 24 hours away, mainstream market hype surrounding the event has grown exponentially, especially after balancing on the $10K threshold for some time. On May 9, BTC dropped to the $8,100 mark before making a small recovery to around $8,800.

Nevertheless, the fact that BTC has overall been able to stave off bearish market pressure instilled a certain amount of confidence in the hearts of investors all over the globe — despite Bitcoin facing a 15% value slip on May 9.

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Indian Central Bank Makes a Case Before Supreme Court Against Allowing Crypto Use

Regulation

India’s central bank told the country’s supreme court on Friday that “allowing dealings in cryptocurrencies like bitcoin would encourage illegal transactions.” Other crypto petitions being heard include one asking the government to “take emergency steps to restrain the sale and purchase of illegal cryptocurrencies.”

Also read: Yahoo!

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BitMEX CEO: Bitcoin Hasn’t Seen the Worst, $5,000 Imminent Before Big Rally

On CNBC’s Fast Money, BitMEX CEO Arthur Hayes reaffirmed his stance on the price of bitcoin stabilizing in the $5,000 region before initiating the next rally.

Is a 30% Drop Imminent?

On July 1, Hayes appeared on CNBC’s Fast Money and discussed the price trend of bitcoin and the extreme volatility in the cryptocurrency amidst the third worst correction in the industry’s history.

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