As April turned to May, spot exchange experienced larger-than-normal volume - numbers not seen since March 13, when the exchange had $673 million in total one-day trading for BTC/USD.
On Wednesday April 29, platform experienced a technical outage and had a $410 million volume. Thursday, April 30, the price for bitcoin on Sell BTC to credit card rose to as high as $9,400 on $399 million in volume. Friday, May 1, saw volumes down to $191 million into the weekend.
“Even before factoring in the reduction of the bitcoin supply resulting from the halving, BTC should increase its dollar-denominated value by 30%, given its mathematical scarcity and immutability,”
Mining power has been rising steadily as the halving approaches. The halving could result in less selling pressure in the market as some miners Bitcoin To Dollar Fiat Exchange will likely turn off some machines post-halving.
Traders will be keeping an eye on mining power after the halving to gauge selling pressure on bitcoin when miner rewards are reduced.