Crypto enthusiasts were collectively watching BTC price like a hawk over the weekend as the dominant cryptocurrency flirted with the $10,000 price mark.
While it did eventually break that milestone, it only lasted for a second — a flash crash sent price back down to $9,700 and attention once again turned to waiting for BTC to bounce back.
That tear back into five-figure price territory happened almost exactly at 10:30 AM Eastern time today. BTC crested at $10,392 approximately 35 minutes after breaking $10,000, and appears to be leveling out around $10,200.
Gavin Smith, the CEO of a crypto consortium called Panxora, explains the price action as follows:
BTC started rising during the market sell off triggered by coronavirus. That was just the short-term catalyst, the underlying driver is the bitcoin halving event in May. Previous halving events have seen some of the larger participants hold off on releasing BTC into the market in anticipation of a rise into the event. We believe this same dynamic is currently in play.