Bitcoin (BTC), the largest cryptocurrency int he world, has moved above $9,150 after a short drop below $9,000. The virtual currency expanded by 3.3% in the last 24 hours and it is showing strength right after the halving event that took place on May 11th. It is worth taking into account that Grayscale is currently acquiring more BTC than what it’s currently being mined. Moreover, Revolut is registering an increase in retail crypto purchases from its application.
Bitcoin Interest Grows After Halving
Since Bitcoin halved earlier this month, the number of Bitcoin mined was close to 12.500 BTC. However, Grayscale’s Bitcoin Trust acquired 18,910 BTC since that moment. While before the halving Grayscale would have acquired less than the total amount of BTC mined. The halving event reduced by half the new issuance of BTC from 12.5 BTC to 6,25 BTC per block.
According to Kevin Rooke, a recognized crypto analyst, said that Wall Street investors are searching for Bitcoin despite the negative sentiment that banks have about it. The chart shared by Rooke shows that there are more BTC acquired by Grayscale than currently being produced.
Grayscale's Bitcoin Trust bought 18,910 Bitcoins since the halving.
Only 12,337 Bitcoins have been mined since the halving.
Wall Street wants Bitcoin, and they don't care what Goldman Sachs has to say. pic.twitter.com/Br6a4ijuze
— Kevin Rooke (@kerooke) May 27, 2020
Furthermore, the challenger bank Revolut reported a 68% increase in retail crypto trades. Around 30% of Revolut’s 10 million customers have handled cryptocurrencies on the application. The users of this app are casual crypto traders that want to have some sort of exposure to the market.
The Revolut application has an integrated cryptocurrency market where users can easily acquire the digital asset they want. Although Revolut keeps custody of the funds, it can be a good way to buy a small amount of crypto through your smartphone. In the U.K. they have reported an increase of 68% of users trading digital assets.
The lockdown implemented by countries in the last months has certainly affected cryptocurrencies. During the first part of the year, the market was in a bull trend that allowed virtual currencies to mobe higher and reach the highest point in several months. However, in March there was a massive crash that affected the entire market and pushed BTC below $4,000 for a short period of time.
The main question remains whether the demand for digital assets would grow in the coming days now that lockdowns are being relaxed and the Coronavirus pandemic seems to be slowing down in most of the countries.