Fortune: Bitcoin price drops 5%

posted over 2 years ago
Bitcoin has just undergone its second-ever “halving” event.Hard-coded into cryptocurrency’s rulebook is a law that cuts in half the value of the digital payout that so-called miners receive for supporting the network with their computing power. The event happens about every four years.

As the halving got underway, Bitcoin’s price fell 5% to near $627 per Bitcoin from about $660. Soon the value of the cryptocurrency appeared to be recovering from the initial drop, but expect more volatility as the markets adjust.
Tags: bitcoin, news