Market Wrap: Derivatives May Reduce Miner Selling Pressure After Bitcoin Halving
The crypto derivatives market is helping to hedge the uncertainty on which way the bitcoin market will go when miners have less revenue post-halving.
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About
Bitcoin is a cryptocurrency which isn’t managed by a bank or agency but in which transactions are recorded in the blockchain that is public and contains records of each and every transaction that takes place. The cryptocurrency is traded by individuals with cryptographic keys that act as wallets. Bitcoin was first invented in 2009 by an anonymous founder known as Satoshi Nakamoto. Bitcoins are moved in blocks every 10 minutes on a decentralized ledger that connects blocks into a coherent chain dating back to the first genesis block. It was originally described as a peer-to-peer electronic cash but the technology has evolved to emphasize being a settlement layer rather than a payment network. This has left integrated second layer solutions, like Lightning Network, to prioritize that use case. It has remained the largest cryptocurrency by market cap.
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Bitcoin's price has broken the $10,000 barrier just days before its next halving.
Bitcoin’s price keeps gaining as people increasingly talk about the halving - but the event’s potential after-effects may be considered an afterthought for many investors.
Open contracts on bitcoin options rose to record highs on Thursday as the cryptocurrency’s price rose into five figures. It's not necessarily a bullish sign, though.
Paul Tudor Jones II, a pioneer of the modern hedge fund industry, is ready to bet on bitcoin’s price as an inflation hedge.
Bitcoin looks to have decoupled from traditional markets as investors refocus on the network's imminent mining reward halving.
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