Bitcoin halving is a preprogrammed event that occurs roughly every four years, cutting the fixed income for miners in half and reducing the number of new bitcoins entering the market, leading to slower supply growth. With a limited total supply of 21 million bitcoins, decreasing new production could drive prices up if demand remains constant or grows. Halving happens after the creation of every 210,000 blocks, approximately every four years, as per bitcoins code.
Bitcoin is set to experience its fourth halving event, reducing the reward for mining new blocks to 3,125 bitcoins per block from the current rate. Halvings occur every 210,000 blocks to gradually limit the total supply to 21 million, maintaining scarcity. Previous halvings have led to price surges, with analysts predicting potential dips this time. JPMorgan forecasts a price drop to $42,000, citing higher production costs.
Bitcoin will undergo its halving event, reducing the mining reward from 6.25 Bitcoin to 3.125. This event has historically led to Bitcoin price surges, but experts predict a different outcome this time due to recent volatility. Bitcoin Cash was created in 2017 through a hard fork of Bitcoin, closely linked to Bitcoin's price movements. Ether, known as the 'silver' to Bitcoin's 'gold,' operates on the Ethereum network and is a key indicator for the overall health of the cryptocurrency market.
Bitcoin has suffered a sharp pullback from record highs. The world's biggest cryptocurrency fell to $66,885 in the early hours of Friday - down 9%. Only yesterday, the digital asset had been touching an unprecedented price of $74,000. It is difficult to pinpoint a single reason for Bitcoin's sudden contraction, as several are at play. For one, many crypto traders will be taking profits off the table after an extraordinary bull run that's seen BTC surge by 175% over the past 12 months.
Cryptocurrency prices fell Saturday evening after Iran launched a wave of drones at Israel, marking an early indication of the turmoil that could hit markets as investors start to price in the threat of a broader Middle East war. Bitcoin was down 5% from its price on Friday, while ether sank more than 7%, and XRP tumbled 13.5%, according to CoinMarketCap . That's a sign risk assets will be under pressure. A fuller picture of Wall Street's reaction to Iran's first-ever, full-scale military assault on Israel will come on Sunday evening, when futures trading opens in the U.
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