Friday, 5 March 2021

Bitcoin rises above $10,000

LONDON: Bitcoin breached $10,000 on Sunday for the first time since early June. After several weeks of trading in narrow ranges.

In addition to suffering pricing blows due to the economic fallout from the coronavirus outbreak, the virtual currency went through its third so-called halving on May 11, which cut the rewards given to those who “mine” bitcoin to 6.25 new coins from 12.5.

The “halving” has affected the supply side of bitcoin and increased the time needed for miners to find their break-even point.

On Sunday, the cryptocurrency hit highs of $10,200.

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