The Bitcoin halving Approaching fast, less than 2,900 blocks to go before Miners’ rewards are cut in half. The event, scheduled to take place sometime in April, is therefore significant Bitcoin price After that you can enjoy a parabolic move to the top.
Bitcoin halving set for April 19
data Coinwarz shows that Bitcoin halving Block 840,000 will be held on April 19. This projection is based on Bitcoin’s current Block Time AvgThis means the halving could come a bit sooner or sometime after April 19. However, the main focus remains that the supply of miners will be halved.
A halving event is a measure of inflation Founder of Bitcoin, Satoshi Nakamoto, encoded in the flagship crypto and occurs every 210,000 blocks. There have been three partial incidents since then Origin block In 2009, when the first block of Bitcoin was mined. The first was on November 28, 2012, when the miner’s reward was cut from 50 BTC to 25 BTC.
The next halving event took place on July 9, 2016 by cutting Miner’s Reward Up to 12.5 BTC. The third occurred on May 11, 2020, reducing the prize to 6.25 BTC. Now, miners’ rewards will be cut in half again, reducing them to 3.125 BTC.
This reward is the amount BTC miners receive for validating each block of new transactions on the blockchain. Although this phenomenon primarily affects miners, the crypto community closely monitors it because of the ripple effects it has on the market. Bitcoin supply These are earned through miners’ rewards, and a decrease in them increases the value of Bitcoin.
Bitcoin’s Performance After Each Halving
Halvings have historically always increased the price of Bitcoin. After ninety days First half On November 28, 2012, the price of Bitcoin rose from $12 to $1,000 during the halving. Subsequently, the price of Bitcoin increased by more than 8,000% after one year.
Source: MilkRoad
This parabolic price rise occurred in the second and subsequent periods as well A third partial event, the price of Bitcoin has increased from $650 and $8,821 (at the time of the halving) to $2,506 and $56,612 (90 days after the halving) in 2016 and 2020, respectively. A year later, Bitcoin rose 284% and 559%.
This time is expected to be no different as Bitcoin is at it again Guessed After April to experience massive ups and downs. This bullish sentiment has been reinforced by Demand for BitcoinWhich continues to skyrocket in the face of shrinking supply.
At the time of writing, Bitcoin is trading at around $70,400, according to the last 24 hours data From CoinMarketCap.
BTC price struggles ahead of halving | Source: BTCUSD on Tradingview.com
Featured image from 99Bitcoins, chart from Tradingview.com
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