On April 20th, the significant Bitcoin halving took place, signifying the mining of the 840,000th block on the most extensive blockchain. Although there was much excitement and expectation leading up to this occurrence, the value of Bitcoin (BTC) remained relatively unchanged.
Based on available information, the cost of Bitcoin reached $63,976 when the crucial block was extracted, representing a modest increase of 1% in comparison to the prior day. Notably, the value scarcely fluctuated and remained nearly the same at $63,873.
The anticipated event, which was greatly anticipated, had a small impact after several days of market instability. On the evening of April 19th, the price of Bitcoin on one major exchange plummeted to $59,573. However, just hours later, it rebounded and surpassed the $64,000 mark once again.
Every 210,000 blocks, the Bitcoin halving reduces by half the compensation miners receive for creating a new block. This change primarily affects miners and their businesses, but cryptocurrency fans keep a close eye on its possible influence on Bitcoin’s price.
Before the upcoming halving, there were contrasting views among analysts about whether the current bull market had ended, while environmental activists raised concerns that the reduced rewards could result in fewer miners and potentially better environmental outcomes.
JPMorgan expressed the view that the price of Bitcoin wouldn’t rise following the halving because this increase had already been factored in. The market’s stable behavior at first seemed to support JPMorgan’s perspective.
Also read:Bitcoin Halving: “Buy the Dip” or Wait? Experts Weigh In
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2024-04-20 11:32