5/11, 9:27 PM (Source: TeleTrader)
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Bitcoin trades around $8,573 after halving

The bitcoin halving took place on Monday as the coin reward for mining new bitcoin blocks dropped from 12.5 bitcoin to 6.25 bitcoin per block.

The value of the largest cryptocurrency fell around 2% following the halving event and it means that new units would be harder to produce.

In a period of one year after the first halving, bitcoin rose more than 90 times from the $10 price to reach its peak of $1,180. For the second halving, bitcoin reached $2,800 from $600 within a year before hitting its record at nearly $20,000 in December 2017.

At 3:27 pm ET Bitcoin fell by 2.22% to $8,532.

Breaking the News / TF