Bitcoin (BTC), the largest digital currency globally, recently underwent its “halving” event, which occurs approximately every four years, as reported by CoinGecko, a company specializing in crypto analysis and data. Following the event, Bitcoin experienced relative stability, slightly declining to $63,747.
Crypto enthusiasts had been anticipating the “halving”— an alteration to the fundamental technology of the crypto aimed at reducing the pace at which new Bitcoins are created. Satoshi Nakamoto, the pseudonym of Bitcoin’s creator, included the halving setting in the currency’s code at the time of its inception.
Chris Gannatti, chief of global research at WisdomTree, an asset management company that supports BTC exchange-traded funds (ETFs), labeled the event as among the most significant events in the cryptocurrency world this year. The halving, according to supporters, strengthens Bitcoin’s status as a more scarce asset. On the other hand, detractors see the halving as nothing more than a technical maneuver used by traders to inflate Bitcoin’s value.
The halving process involves reducing miners’ rewards for creating new Bitcoin tokens, thereby increasing the cost associated with introducing new coins into circulation. This event comes on the heels of Bitcoin reaching a new peak record of $73,803 last month, following a slow recovery from a significant downturn in 2022. The surge in Bitcoin’s price has been buoyed by the approval of Bitcoin spot ETFs by the U.S. Securities Exchange Commission in January. Additionally, there is anticipation that central banks may lower interest rates.
Previous Bitcoin halvings took place in 2020, 2016 and 2012, with some fans citing subsequent price surges as evidence that the next halving will elevate Bitcoin’s value. However, many crypto analysts are doubtful.
Analysts at JP Morgan expressed skepticism, asserting that they do not expect further price increases post-halving because they believe the event has already impacted the recent surge. Instead, they anticipate a decline in Bitcoin’s price after the halving due to it being “overbought,” in addition to a lack of venture capital for the cryptocurrency market this year.
Regulators have repeatedly issued warnings about the highly volatile nature of Bitcoin and its lack of practical use. However, there has been a growing trend toward accepting Bitcoin-related trading products. S&P Global’s crypto analyst Andrew O’Neill cautioned against drawing conclusions about future pricing based only on past halving occasions, pointing out that several factors affect Bitcoin values.
Bitcoin has faced uncertainty since reaching its peak in March, experiencing declines in the last fortnight amid geopolitical concerns and anticipations of extended central banks’ higher interest rates, which has caused market trepidation worldwide.
The activity on major exchanges such as Coinbase Global Inc. (NASDAQ: COIN) over the coming weeks and months will reveal a clearer picture of how the halving event is impacting the crypto market.
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