{"id":131519,"date":"2020-04-25T10:00:16","date_gmt":"2020-04-25T09:00:16","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=131519"},"modified":"2020-04-27T13:57:23","modified_gmt":"2020-04-27T12:57:23","slug":"thursdays-10-bitcoin-eruption-is-paramount-to-the-bull-case-heres-why","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/thursdays-10-bitcoin-eruption-is-paramount-to-the-bull-case-heres-why\/","title":{"rendered":"Thursday’s 10% Bitcoin eruption is paramount to the bull case: here’s why"},"content":{"rendered":"

Catching many traders off guard, Bitcoin<\/a> rallied a jaw-dropping 10 percent on Apr. 23, jumping from $7,050 to $7,800 within what was under 30 minutes' time, boosted by a cascading liquidation of short positions<\/a> on derivatives exchanges<\/a>.<\/p>\n

According to<\/a> Su Zhu \u2014 the CIO of foreign exchange and crypto hedge fund Three Arrows Capital<\/a> \u2014 this move is “incredibly important” for the BTC bull case moving forward.<\/p>\n

Bitcoin rallying higher as the halving nears is critical<\/h2>\n

In approximately 17 days, estimates suggest<\/a>, Bitcoin will see its next block reward reduction, better known as a “halving.” With this, the number of coins issued per block, every ten minutes, will be sliced in half from 12.5 to 6.25 coins.<\/p>\n

It's an event slated to be one of the most important catalysts for the cryptocurrency market. Ever.<\/p>\n

Hence, when Bitcoin broke out yesterday, Su Zhu<\/a> was excited.<\/p>\n

The prominent crypto investor and writer explained<\/a> that BTC “breaking higher from here going into the halving”\u00a0 \u2014 just as it started to do during yesterday's 10 percent jump \u2014 will “capture serious mainstream attention.”<\/p>\n

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this is an incredibly important move for $BTC<\/a> today and breaking higher from here going into halving will capture serious mainstream attention<\/p>\n

— Su Zhu (@zhusu) April 23, 2020<\/a><\/p><\/blockquote>\n