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Bitcoin stalls below $9,000

From an opening value of $8,909, Bitcoin has corrected lower to $8,740

The price of Bitcoin remained stable in weekend trading with the price line around the $9000 mark. However, the biggest digital asset is having a dull start this week following a 1.88 per cent retracement on the day.

From an opening value of $8,909, Bitcoin has corrected lower to $8,740. On the contrary, it saw an intraday high of $8,947.

The top cryptocurrency by market value has risen by over 130 per cent since bottoming out at $3,867 on March 13. The cryptocurrency jumped from $6,700 to $9,400 in the last 10 days of April alone.

Prices also gained over 15 per cent last week to register Bitcoin's first seven-week winning streak in 12 months.

This comes as Bitcoin is days away from the mining reward halving due on May 12.

The term "halving" refers to a programmed-in event in Bitcoin's code, which reduces the reward per block mined by 50 per cent roughly every four years, to control inflation in the cryptocurrency.

Following the upcoming halving, rewards issued will drop to 6.25 BTC from the current 12.5 BTC.

Bitcoin appreciated by 34 per cent from $9.5 to $12.75 in the four weeks to November 28, 2012, when mining rewards were cut by 50 per cent for the first time.

The second halving was on July 9, 2016. On that day, the cryptocurrency was trading near $660, representing over 45 per cent gain on the low of $440 it saw in mid-May.

Bitcoin is currently trading around $8,666.

FURTHER READING: Bitcoin surpasses $9,100

FURTHER READING: Bitcoin futures surge past $20bn

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