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Bitcoin Rally Adds $35 to Market Value in 24 Hours

Crypto Indices by Fundstrat Global Advisors

Bitcoin rallied to$9,388.30 or up 18.57% in the past 24 hours, the high during Singapore trading. The lead was of course Bitcoin with others following. Cryptocurrencies saw two major bouts of selling in March, following the collapse in equity markets. They have now recovered a lot of ground with two underlying reasons according to experts. The central bank monetary policy and the upcoming event known as Bitcoin halving, according to key market traders. The event known as Bitcoin “halving” in May that is related to the pre-programmed change in part to the underlying technology known as blockchain. The amount of coins allocated to so-called miners, those using complex math problems to validate Bitcoin transactions, is 12.5 and this number, after being halved years ago will now move to 6.25 new Bitcoin. This reduces the supply coming to market, making the coins more valuable.

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