Corona Virus Spreads, Bitcoin Prices Up Through Rp 145 Million

The price of Bitcoin has jumped to US $10,000 per coin which makes investors and traders happy, even though the world is worried about the corona virus epidemic COVID-19.

Until Wednesday (12/2/2020), at 19:15 WIB, the price of Bitcoin touched US $ 10,377.38 per coin or equivalent to Rp.145.38 million (assuming Rp.14,000 / US $). Overnight the price of Bitcoin has risen 5.92%.

This means that overnight the price of Bitcoin has gone up to US $579.53 per coin (Rp. 8.11 million). This price increase caused market capitalization to surge to US $ 189 billion and supply of Bitcoin on the market 18.21 million coins.

The rise in the price of Bitcoin is allegedly due to the halving process in May 2020. This is the process of cutting the income that miners get from the process of extracting mathematical algorithms to produce Bitcoin.

At present the miners get a reward of 12.5 cents per block which will be mined in May will drop to 6.25 cents.

The halving process is carried out every four years and has been written in the code that underlies Bitcoin. The aim is to maintain inflation. This process will reduce the supply of Bitcoin that enters the market so that prices can be jacked up.

Bitcoin price rally is indeed making investors happy. The price of Bitcoin scored an all-time high in December 2017 when the price touched US $ 20,000 per coin. Afterwards the price of Bitcoin plummeted and even touched US $ 3,000 per coin.

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