Bitcoin ‘Halving’ Has Taken Place, CoinGecko Discloses

The 2024 Bitcoin ‘halving’ has taken place – get to know all the latest analysis and reports after the halving.

The “halving,” which occurs approximately every four years for Bitcoin, the largest cryptocurrency in the world, ended on Friday, according to CoinGecko, a data and analysis company for cryptocurrencies.

After that, Bitcoin was comparatively stable, dropping 0.47% to $63,747. The 2024 Bitcoin “halving”, a modification to the underlying technology of the cryptocurrency intended to slow down the creation of new bitcoins, was much anticipated by enthusiasts.

When bitcoin was first created, its creator, Satoshi Nakamoto, went by pseudonym, and included a halving into the code to slow down the creation rate of new bitcoins.

The halving was dubbed “one of the biggest events in crypto this year” by Chris Gannatti, global head of research at asset manager WisdomTree, which markets exchange-traded funds for bitcoin.

The halving will highlight bitcoin’s value as an increasingly rare commodity, according to some cryptocurrency enthusiasts. Bitcoin’s supply was limited by Nakamoto to 21 million tokens. However, detractors perceive it as little more than a technical modification that traders have fabricated to drive up the value of the virtual money.

In order to make it more costly for miners to create new bitcoins, the operation halves the rewards that miners receive for creating new tokens.

The price of bitcoin experienced a significant upswing, reaching an all-time high of $73,803.25, in March 2023, after a sharp decline in 2022. The largest cryptocurrency in the world was trading at $63,800 on Thursday.

Excitement surrounding the U.S. Securities and Exchange Commission’s January approval of spot bitcoin exchange-traded funds and anticipations of interest rate cuts from central banks have bolstered bitcoin and other cryptocurrencies.

There have been three prior halvings: in 2012, 2016 and 2020. Although many analysts are skeptical, some cryptocurrency enthusiasts point to price rallies that followed them as evidence that bitcoin’s next halving will raise its price.

Analysts at JP Morgan stated this week, “We do not expect bitcoin price increases post-halving as it has already been priced in.”
Since bitcoin is “overbought” and venture capital funding for the cryptocurrency industry has been “subdued” this year, they anticipate a decline in price following the halving.

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