5 events awaiting Bitcoin in March

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While February was not good for Bitcoin, there will be several important developments in March that closely concern the leading cryptocurrency.

It cannot be said that the remaining February was good for Bitcoin, especially in terms of price. The number one coin opened last month to $ 9300, closing at $ 8600.

While the block award halving, which will take place in May, is getting closer with each passing day, there will be a few important developments that will affect the price of the highly anticipated Bitcoin in March.

Cryptocurrency meeting in the US House of Representatives

Cryptocurrencies are once again on the table at the US House of Representatives Financial Services Committee. Facebook's cryptocurrency Libra is expected to be the main agenda item at the hearing on the committee to be held on March 24.

Hash rate increases

The hash rate, which expresses the total computing power of the hardware used to produce Bitcoin, is expected to increase significantly in March, especially as the halving is approached. This expectation gained momentum especially after cryptocurrency mining giant Bitmain introduced the Antminer S19 Pro device. The hash rate offered by these new devices, which have not yet been released, is 40 percent higher than the best available device on the market.

The latest data from blockchain.com shows that Bitcoin's hash rate is near the peaks. As of February 28, the hash rate was recorded as 121 quintillions. The highest level ever was measured at 123 quintillions in January.

Coronavirus outbreak

Another important development expected to affect both the industry and Bitcoin directly in March will be the Coronavirus. Due to the virus that spreads day by day and is said to have caused the death of a person in the USA, many important cryptocurrency conferences are canceled around the world, and crypto money companies in some regions are reported to be disrupted. With the strong emergence of the virus in Italy, there was a huge sales wave in global stock markets, and Bitcoin had its share. Depending on the course of the epidemic, volatile movements can be seen in the price of Bitcoin.

Last trading day of CME terms

It is now almost certain that the last trading day of Bitcoin futures contracts in CME created volatility in Bitcoin. Contracts for March will be traded for the last time on March 27. Before and after this date, the Bitcoin price is expected to be more volatile.

Back Pay?

Another important development for Bitcoin next month could be the launch of Bakkt Pay. The company shared the first image from the long-awaited mobile application in early February. The application will allow consumers to control and use cryptocurrencies, especially rewards, loyalty points, in-game assets, gift cards, and Bitcoin, from one place. Aiming to make it easy to spend all these digital assets everywhere, the company has been working hard for implementation since the beginning of last year. At this point, the biggest development regarding Bitcoin is that the application will pave the way for buying coffee with Bitcoin in Starbucks stores. Last year, Starbucks gained a significant stake in the company in exchange for its commitment to allow Bitcoin payments to use the Bakkt system in its stores.

While Bakkt is starting to receive registrations for early access, the app may likely hit the market in March.

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