Following Bitcoin’s (BTC) recent much-hyped halving event, many in the industry had anticipated a drop in value, especially after BTC slid to as low as $8,100 on May 10. However, following this aforementioned uncertainty, the flagship crypto asset proceeded to gain a cool 6% and rise to around the $9,500 mark in less than 48 hours and could now be heading toward the $10,000 mark.
On Monday, crypto miners all over the world saw Bitcoin’s native reward quotient slashed in half — from 12.5 BTC to 6.25 BTC — thereby inducing an air of uncertainty around the currency’s price. This is because following the event miners have been forced to calibrate their operations in order to adjust to their reduced earnings as well as their increased day-to-day costs. And while many traders and analysts had expected volatility and turmoil to increase following the halving, most of these fears have failed to materialize as of yet.
In fact, just a few days removed from the quadrennial event, many crypto pundits now seem to be quite bullish in regard to Bitcoin’s future valuation, with some even going as far as saying that Bitcoin may once again retest its previous all-time high value. For example, eToro’s Simon Peters recently commented that he would not be surprised if Bitcoin once again crept its way back into the “$20,000 to $50,000 per bitcoin region” within the next 18 months.
Price stability post-halving may boost adoption
To gain a better understanding of whether or not the recently concluded Bitcoin halving was able to meet the expectations of the crypto market at large, Cointelegraph reached out to Tim Rainey, the chief financial officer of Greenidge Generation, a hybrid power generation and cryptocurrency mining operation based out of New York. In his view, the halving, by and large, met the expectations of most established mining outfits that sell a considerable amount of BTC every day, adding:
“It may not have met the expectations of a lot of ‘hodlers’ who,…