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    Bitcoin Price Soars Above $9,000, Achieving 100% Recovery from the Drop in March

    Oluwadamilare AkinpeluOluwadamilare Akinpelu
    12 months ago
    Bitcoin Price Soars Above $9,000, Achieving 100% Recovery from the Drop in March

    Bitcoin price is witnessing an upsurge as the crypto saw its price surge to $9,300, its highest since late February. This sees the digital asset return to its pre-coronavirus bullish run.

    Within a few hours on Wednesday, the cryptocurrency leapt by more than 20% to peak at $9,388. Its price has however relaxed and is currently trading at $8,963 (as at press time). Nevertheless, this rise comes as a good signal for Bitcoin traders and investors, as it indicates an incredible recovery for the otherwise volatile asset during this pandemic.

    #Bitcoin
    I never Traded or cared about Logarithmic charts, however this one is really interesting 🧐🤓

    But Sir… 😬🥶🤯 pic.twitter.com/zliS4Cr8wQ

    — Feras_Y (@FeraSY1) April 29, 2020

    In March, the crypto plunged down to as low as $5,678, after being affected by the coronavirus like other assets. This is despite claims by many experts that the digital asset is a safe-haven asset.

    Now, about a month after, the price is back to the $9,000s, where it was hovering before the pandemic. This rise also continues the trend of April rises for the crypto as Bitcoin has performed well in the month of April in six out of the last eight years.

    According to industry experts, this recent rise can be associated with the various stimulus by central banks around the world to cushion the economic fallout from the coronavirus pandemic. This has seen stocks rise in the last few days as more money is being put into equities and it seems that bitcoin is also a beneficiary.

    Bitcoin Price Hits $9,000, Achieving 100% Recovery from the Drop in March

    Others also feel the bitcoin halving is a major reason for the recent rise. Bitcoin halving sees the rewards of bitcoin miners cut in half – dropping from 12.5 bitcoin per block to 6.25. This stiffens the supply of the asset in the market forcing the prices upwards.

    However, some other bitcoin and crypto investors have warned that the rise may not be a bullish run yet.

    “We are seeing some enthusiasm around bitcoin as it breaks $8,000, but we are still watching closely and believe the sentiment is not yet bullish,” says Meltem Demirors, chief strategy officer, CoinShares.

    #Bitcoin just broke $9,000.

    The world economy is in disarray.

    And you still don’t own Bitcoin yet? 🤨

    — Dan Hedl (@danheld) April 30, 2020

    While a price drop in the next few days is not ruled out, a drop all the way back to levels under $6,000 is however unlikely. According to industry watchers, the buzz around the expected price rise following the halving will make people keep a hold on their assets and keep prices stable.


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    Oluwadamilare Akinpelu

    Oluwadamilare Akinpelu

    Oluwadamilare Akinpelu is a lover of the Tech World. He is a calm person and also a protean writer.

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    Today, @Google unveils a Doodle to posthumously ma Today, @Google unveils a Doodle to posthumously mark the 74th birthday of Nigerian music legend and highlife maestro Oliver de Coque, one of Africa’s most prolific recording artists of all time.

The Doodle, created by Lagos-based graphic artist and illustrator @OhabTBJ, pays tribute to the guitarist who died in June 2008 at the age of 61, following a heart attack. The creative inspiration was drawn from De Coque’s love for the guitar, his energetic performance style, his unique music brand, and his love of tradition and culture.
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