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Bitcoin surpasses $10,000-mark for first time since early June

The "halving" has affected the supply side of bitcoin and increased the time needed for miners to find their break-even point

twitter-logoReuters | July 27, 2020 | Updated 08:22 IST
Bitcoin surpasses $10,000-mark for first time since early June
On Sunday, the cryptocurrency hit highs of $10,200

After several weeks of trading in narrow ranges, bitcoin breached $10,000 on Sunday for the first time since early June.

In addition to suffering pricing blows due to the economic fallout from the coronavirus outbreak, the virtual currency went through its third so-called halving on May 11, which cut the rewards given to those who "mine" bitcoin to 6.25 new coins from 12.5.

The "halving" has affected the supply side of bitcoin and increased the time needed for miners to find their break-even point.

On Sunday, the cryptocurrency hit highs of $10,200.

Also read: Foreign portfolio investors withdraw Rs 86 crore from Indian market in July so far

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