The price of Bitcoin (BTC) surpassed $14,000 on Oct. 31, the day that Bitcoin founder initially released the Bitcoin whitepaper in 2008. Since then, the world’s cryptocurrency leader has seen remarkable and exponential growth globally.
Fast forward 12 years, since the October 31, 2008 release of the whitepaper, Bitcoin is in a different growth trajectory. An institutional craze is leading the Bitcoin rally, important financial institutions are supporting crypto assets, and the market has become increasingly liquid.
Post-halving bull cycle meets Bitcoin 12-year anniversary
The 12-year anniversary of the Bitcoin whitepaper is specifically important for Bitcoin as it marks the third post-halving cycle.
Every four years, Bitcoin undergoes a block reward halving, which cuts the rate at which new Bitcoin is mined by half. This occurs because 21 million BTC can ever exist on the blockchain. As Bitcoin approaches its fixed supply, the rate of production gets slowed.
A halving has always had a positive impact on the price of Bitcoin. It reduces the pace a new BTC supply is introduced to the market. As a result, every four years, there is less BTC flowing into the exchange market.
The 4th, 8th, and the 12th anniversary of Bitcoin are more important than other anniversaries for this reason. It coincides with a post-halving cycle, as the latest halving happened in May 2020.
The historic prices of Bitcoin on “whitepaper day” have seen notable growth over the past 10 years. For instance, in 2013, BTC price was just $204. In 2014, it reached $338m; 2015 – $314; 2016 – $700; 2017 – $6,468; 2018 – $6,317; and $9,199 in 2019.
BTC price rejected at $14,100
Across major exchanges, the price of Bitcoin reached a peak of $14,100 level and faced an immediate rejection on Saturday, Oct. 31. Most of the selling pressure came from Binance, which caused the price to quickly drop by 3% within minutes.
Prior to the rejection, massive buy walls on Huobi and Binance initially pushed Bitcoin price upwards. There was a 1,371 BTC buy wall on Binance at $13,680 and another big buy wall at over $13,800 on Huobi.
A pseudonymous Bitcoin trader recognized as “CL” said it was the “biggest buy wall on Huobi I’ve seen in a long time.”
But as Bitcoin surpassed $14,000, traders on Binance started to sell large amounts of BTC in a short period. Prior to BTC’s upsurge to $14,100, tech investor and Cointelegraph Markets contributor, Keith Wareing, wrote:
“Sadly, Bitcoin will rejected at $14k and go back below the 2019 high thanks to binance whales.”