- Binance report revealed that after the third Halving, bitcoin mining revenue fell by 48%.
- Even though a 37% higher growth has been seen at the beginning of May, volumes were persistently lower after the Halving.
- Bitcoin has just surpassed the $10,000 barrier setting a wave across the cryptocurrency market.
As of January 2018, Binance is the largest exchange platform for trading cryptocurrencies. They issued a monthly trading report on how miner’s revenue fell because of the 2020 Halving. According to a recent binance report, after the third Halving, bitcoin mining revenue fell by 48%. Bitcoin still performs well even though trading volatility has squeezed considerably.
Bitcoin’s performance with a narrow trading range
The 3rd Bitcoin halving event had an odd effect on its price. It promoted a positive return for the miners even with a lull trading range of $8,000 to $10,000. The range has been relatively narrow in contrast to the previous months. Permanent contracts of Binance Futures such as BTCUSDT yielded about 11.8% return. ADAUSDT, an Altcoin contract generated a 58% return. This has been recorded as the biggest gain for May. A significant spike in market value was seen in ETHUSDT. This is another Altcoin contract that showed a hike of 16.6%. Most perpetual contracts showed a positive response except for XRPUSDT, EOSUSDT, BCHUSDT, etc. Binance Futures has now a total of 25 contracts after it recently added THETAUSDT on 27th May.
Post-Halving volume halt
There has been a decline in trading activities as volume started marginalizing towards the end of May. More active investments were observed before the Bitcoin Halving. Even though a 37% higher growth has been seen at the beginning of the month, volumes were persistently lower after the Halving.
Bitcoin experienced a jump in its value just days before the 3rd Halving. A hike of 15% was seen in a single day which triggered liquidations across exchanges. BTCUSDT revenue fell from $379M to $220M because of the price plunge.
Binance’s contracts hold $500 million as of 31st May. This indicates more inflow of capitals, so Binance Futures has recovered back to pre-halving levels.
Does this mean a Bull Run for Bitcoin?
Bitcoin has just surpassed the $10,000 barrier setting a wave across the cryptocurrency market. The recent short-squeeze being experienced in the number of Bitcoin mined could indicate a further push in its value. Bitcoin surge has been breaking new grounds and it continues its market capitalization share swelling at 65.9%.