Bitcoin Scales $9,300 Mark as the Halving Inches Closer

Since ending April 2020, the value of BTC has consistently continued to rise, closing from $7,117.21 on April 22 to crossing $9300 at exactly 11:40 UTC on May 6 and closing at $9,268.76. Bitcoin is currently trading at $9,796.90.

At every halving, Bitcoin’s block rewards are cut in half. This is deliberate, to control inflation on the network.

In a recent tweet, Binance CEO, Changpeng Zhao, suggests that the steady increase in BTC demand as the halving draws closer is fuelled by the Fear of Missing Out (FOMO).

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