2024-04-20 08:56:03
PublishedApril 20, 2024, 10:56 am
Another increase?Big event in the crypto world: the fourth Bitcoin halving is over
Last time, the price of Bitcoin rose almost sevenfold within a year. But first there was an evening drink.
Bitcoin Halving: That’s What It’s All About
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The Bitcoin halving has taken place.
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The reward for creating new Bitcoins has been halved.
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This can further increase the price of the cryptocurrency.
The Bitcoin price has already increased by 50 percent this year. But there was one on Friday Night cover due to fear of escalation in the Middle East.
But later on Friday, one of the most important events in the crypto world also happened, this one so-called halving. About every four years, the reward for creating new Bitcoins by solving complex math problems is halved.
Halving likely to drive Bitcoin price
First, the so-called miners received 50 Bitcoins per new block in the public Bitcoin database (“blockchain”). Now there are 3,125 Bitcoins left. There is a new halving every 210,000 blocks.
The halving also indirectly affects the value of the cryptocurrency. The number of new Bitcoins on the market is decreasing. The total number of all Bitcoins is limited to 21 million, although there are already more than 19.5 million.
After the last halving, the price had almost increased sevenfold within a year. The price rose from May 2020 from $8,602 to just under $56,705 the following year. It was the third halving so far.
Consumer advocates warn
But that is not enough to provide a meaningful forecast for further price development, quotes “Spiegel” Adam Morgan McCarthy from the analyst platform Kaiko. After the halving, the price fell slightly by regarding $700 to $63,747.
Despite the Bitcoin boom in recent years, many remain skeptical. According to a survey by Deutsche Bank in the US, a third of people expect the price to fall below 20,000 dollars by the end of the year. Only one in ten believes that the price will rise above 75,000 dollars. Due to the price fluctuations, consumer advocates such as the Consumer Advisory Center in Germany do not consider cryptocurrencies a suitable investment.
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