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Amidst The Covid19 Pandemic, Gold and Bitcoin likely to Rally because of Debt Deflation Fears


Amidst The Covid19 Pandemic, Gold and Bitcoin likely to Rally because of Debt Deflation Fears

Bitcoin’s halving is less than 2600 blocks away from its block reward halving setting an impatient mood across the cryptocurrency world. Debates are raging on what direction the price of BTC will take following the halving event, the ongoing COVID-19 effects on miners, and how the miners will react to the reduction in revenue. Notwithstanding, investors are heavily focused on Bitcoin’s price and other cryptocurrencies and how they will react in the coming days. Bitcoin’s dominance, in particular, has been on a downward spiral in the past few weeks as altcoins such as Ethereum (ETH), Chainlink (LINK) and Tezos (XTZ) heavily outperformed the top coin.

However, heading into the halving an analyst believes investors should be careful in their positions in altcoins with Bitcoin expected to twist the tide in the market. A Twitter-based trader, Pentoshi, wrote on Sunday, “I’m reducing my alt exposure by 75%. My focus will be on $BTC.” He went on to discuss the reasons behind this bold statement that received mixed to negative reactions from other market participants. Read More...

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