Daily Bitcoin: Halving does not help the upward trend and continues to fluctuate

The price of Bitcoin fluctuated in the Asian session on Tuesday (July 12), failing to recover the losses of the previous trading day. The quotes published by Huobi.com showed that Bitcoin/ RMB ( 6.6878 , 0.0001 , 0.00% ) fell from around 4425 to around 4315 yesterday, and fluctuated at 4345 in the Asian session of this trading day.

(Bitcoin/RMB daily chart source: Huobi.com)

The quotes released by BITSTAMP show that Bitcoin/US dollar (XBT/USD) fell from around 658 to around 642 yesterday, and fluctuated around 648 in the Asian session of this trading day.

(Bitcoin/USD time-sharing chart source: Bloomberg, FX168 Financial Network)

The quotes released by KRAKEN showed that Bitcoin/ Euro ( 1.1075 , 0.0015 , 0.14% ) (XBT/EUR) fell from around 596 to below 586 yesterday, and fluctuated around 588 in the Asian session of this trading day.

(Bitcoin/Euro time-sharing chart source: Bloomberg, FX168 Financial Network)

July 9 is the Bitcoin halving day. The 2014-2016 Global Bitcoin Development Report, jointly produced by the Internet Finance Laboratory of Tsinghua University PBC School of Finance and Huobi.com, points out that the arrival of the second round of halving cycle will lead to the elimination of some inefficient mining equipment and miners. Under the pressure of halving, miners must continue to work hard to keep their profits. When interpreting the report, Zhu Jiawei, vice president of operations at Huobi, believes that unless there is major positive information about Bitcoin, such as the advancement of applications, it is unlikely that the price of Bitcoin will surge after the halving of production. At 12:46 on July 12, Beijing time, Bitcoin/RMB was 4342.59, Bitcoin/USD was 648.96, and Bitcoin/EUR was 589.38.