Cryptocurrency trading activity in South Africa is heavily influenced by whether the price of Bitcoin is going up.“Historically, it is clear that trading activity picks up when prices start trending upwards,” VALR cofounder and CEO Farzam Ehsani told MyBroadband.“At VALR, we have seen that price movement in general, but particularly upward price movement, is strongly correlated with increased trading volume on the platform.
Sanders said South Africa was not unique in this regard. Price action influenced crypto trading volumes globally. The halving refers to the Bitcoin protocol cutting mining rewards by 50% after every 210,000 blocks of transactions are added to the blockchain.
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