2024-04-22 15:22:08
Bitcoin maintains strength days following halving… What are the details?
Market movements Cryptocurrencies Rising, supported by the positive momentum of Bitcoin. The total market value of cryptocurrencies reached $2.44 trillion, an increase of 1.6% in 24 hours and 0.8% in seven days, according to the specialized site “FX Secret”. Bitcoin rose 1.9% in 24 hours to $66.4 thousand, gradually increasing since last Thursday. The price hasn’t moved much in recent days, balancing the positivity of the halving with the negativity of the Nasdaq decline.
And repeat Currencies Alternative positive momentum for the leading cryptocurrency, rising since the end of last week. However, his strength declined significantly two weeks ago and his recovery has been very slow so far. As a result, Bitcoin’s share of total value reached a three-year high, almost 55% of the currency market. crypt.
On April 20, more precisely at 00:10 GMT, the fourth halving in history occurred on the Bitcoin network on block number 840,000. The ViaBTC mining pool mined the block and saw miner rewards go through from 6.25 BTC to 3.125 BTC. Commissions on the first block of the Bitcoin network increased sharply to $2.4 million following the halving. The top cryptocurrency may enter a “reaccumulation phase” following the halving. After that, a “parabolic uptrend” will begin, according to Rekt Capital. According to her, Bitcoin’s movement now follows the same pattern as in previous post-halving cycles.
Bitcoin’s price has so far defied warnings that the halving might trigger a “mass sell-off”, falling from below $60,000 per bitcoin this week to around $65,000. Currently, Bitcoin miners and analysts are struggling to halve the “churn rate,” which has propelled Bitcoin transaction fees to “unprecedented” levels, according to Forbes.
So-called Bitcoin miners secure the Bitcoin network and process transactions for newly created Bitcoins and transaction fees through powerful computers that are said to use the same amount of electricity each year as some small countries. The halving marks another major milestone in the cryptocurrency space, as leaders from the cryptocurrency community shared different perspectives on how the event will affect different areas of cryptocurrencies.
The fourth half of Bitcoin
On April 20, the Bitcoin network successfully completed the halving event with mining rewards reduced from 6.25 Bitcoins per block to 3,125 Bitcoins, which is equivalent to approximately $200,000 at the current Bitcoin price. From a technology perspective, expert Gun Serer said the halving wasn’t great. “As a technologist, Bitcoin halving is not a good thing,” he told Cointelegraph. “Why? Because the rewards obtained by miners are halved. As a result, the security budget of the Bitcoin system is halved.”
It is believed that the halving would oust “hundreds of millions” of miners, meaning less money would be available to secure the network. While Gohn highlighted the long-term growth potential in the cryptocurrency space, Tether CEO Paolo Ardoino told CoinTelegraph that the halving may not have an immediate impact on the price of Bitcoin . According to Justin Hyun, chief investment officer at the Open Network Foundation (TON), those experiencing the Bitcoin halving for the first time will see how the cryptocurrency space works.
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