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The big Bitcoin halving event happened recently, but it wasn’t a big show. On April 19, 2024, the reward for Bitcoin miners was cut in half, going from 6.25 BTC to 3.125 BTC per mined block. Surprisingly, there weren’t any celebrations and Bitcoin’s price stayed pretty steady at around $64,000. Analyst Casey has opened up …
The fourth Bitcoin halving has now been completed and crypto investors look forward to its outcome in terms of the price of Bitcoin and other cryptocurrencies. As the biggest crypto asset, the price of most altcoins are largely correlated with Bitcoin’s, making the halving event very important to all investors. Related Reading: Stablecoins Get A […]
The price of Bitcoin fell drastically towards the $60,000 mark in the days leading up to the just concluded halving. On-chain data has shed light on what could very well be the reason for this price dip in the middle of all the excitement around the halving. Related Reading: Ethereum Fueled Up: Will 320 Million USDT Inflow Ignite Price Surge? Particularly, data has revealed that some miners have been selling their holdings in the days leading up to the halving event, with the entire BTC holdings of miners hitting a 12-year low. Miners’ Bitcoin Holdings Hit 12-Year Low On-chain analytics platform IntoTheBlock noted this interesting trend amongst Bitcoin miners. According to the platform’s “Miners’ Bitcoin Holdings,” the collective BTC reserve across various miners has now dropped below 1.9 million BTC, its lowest in over 12 years. Interestingly, the metric shows that miner reserves have been on a continued trend of outflows since the beginning of the year, just after the approval of Spot Bitcoin ETFs. This means the outflow from miner wallets can be linked to increased demand from the various Bitcoin ETF wallets, with the latter now controlling over 4.27% of the total circulating wallets. As Bitcoin goes into the halving, miners’ BTC holdings hit 12 year low. This indicates that miners have been net sellers leading up to the halving. pic.twitter.com/WNi74RkluG — IntoTheBlock (@intotheblock) April 19, 2024 At the time of writing, CryptoQuant data puts the total number of miner reserves at 1.818 million BTC, a decrease of 22,000 BTC from 1.84 million on January 3. Additionally, this outflow from the miner reserves was exacerbated in the days leading up to the halving, as noted by IntoTheBlock. “This indicates that miners have been net sellers leading up to the halving,” IntoTheBlock said in a social media post. The persistent selling pressure exerted by miners may have been a contributing factor in Bitcoin’s stagnant pace between $65,000 and $70,000 over the past weeks. This outflow of BTC from miner wallets into the market seems to have flooded the market with more than enough BTC, which in turn contributed to a crash to $60,000 during the week. Bitcoin is now trading at $64.906. Chart: TradingView What’s Next For Bitcoin? The practice of Bitcoin miners selling their holdings in the days leading up to the halving is not unusual, as demonstrated by their actions in past halving events. At the time of writing, Bitcoin is trading at $64,978, up 8% after rebounding up at $60,000. The much anticipated fourth Bitcoin halving has now been completed and the industry looks forward to its effect over the next few months. Related Reading: Shiba Inu (SHIB) Price Jumps On Growing Support From 1.4 Million Holders The halving is ultimately a balancing act for miners. Although miners’ revenues are cut in half, the reduced Bitcoin supply and possible price increase can help offset some of the losses over time. According to a report, Bitcoin miners could sell up to $5 billion worth of BTC after the halving, with the price of the cryptocurrency potentially falling to $52,000. Featured image from Pexels, chart from TradingView
Following the much-anticipated Bitcoin halving, investors and analysts are now divided over its potential impact on the cryptocurrency market. With historical data serving as a guide, experts offer contrasting viewpoints on whether the event will trigger a surge in Bitcoin prices or lead to a sell-off. Related Reading: Stablecoins Get A Seat At The Table: […]
Experts say the price of Bitcoin could top $200,000 by 2028 but concerns around network security and miner profitability still loom.
Bitcoin completes its fourth halving, reducing block rewards to 3.125 BTC; Bitcoin's price holds steady above $63,000.
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The 2024 halving block has gone down as the most expensive block ever mined in Bitcoin’s history — with users scrambling to inscribe rare assets via the new Runes Protocol.
Soccer has the World Cup. Athletics and many other sports have the Olympics. Crypto has the halving. The milestone in the blockchain's 15-year history technically means a cut in rewards for crypto miners with each block – a feature designed to minimize inflation.
The air crackles with anticipation as the Bitcoin network hurtles towards its fourth halving event, expected within the next few hours. This pre-programmed phenomenon cuts the block reward for miners – the number of new Bitcoins generated for verifying transactions – in half. While some see it as a recipe for another digital gold rush, […]
Large bitcoin investors substantially increased their holdings as prices dipped below $60,000 in early Friday's panicky action on the crypto markets ahead of the asset's much-anticipated halving event.
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The Bitcoin halving event is set to occur between April 19-20, 2024. This event, occurring every four years, will cut the block subsidy for Bitcoin miners from 6.25 BTC to 3.125 BTC, effectively halving the reward that miners earn for their work. Despite this, miners may hold off on selling activities this time, creating an …
Crypto expert Michaël van de Poppe has provided insights into what to expect when the Bitcoin halving occurs on April 19. As part of his analysis, van de Poppe suggested that the attention might shift from Bitcoin once the event occurs. A Narrative Shift To Occur Post-Halving Van de Poppe mentioned in an X (formerly Twitter) post that narratives will change as the halving event approaches but failed to specify what the new narrative will be when this happens. However, in a previous X post, the crypto expert laid out some of his expectations for the crypto market going forward, which included what he expected the new narrative to be. Related Reading: XRP Whales Are On The Move Again, But Are They Bullish Or Bearish? According to Van de Poppe, the narrative will shift to Ethereum (ETH) and projects that are focused on Decentralized Physical Infrastructure Networks (DePIN) and Real World Assets (RWA). These sectors, along with Artificial Intelligence (AI) and meme coins, have been projected to be among the leading narratives in this bull run. Meanwhile, the crypto expert, who has so far continued to state that altcoins are greatly undervalued, expects these crypto tokens to bounce “in their Bitcoin pairs” once the hype around the halving is over. Furthermore, Van de Poppe mentioned that altcoins will show bullish strength from this second quarter until the summer after which a correction will come in the third quarter of the year. Before now, the crypto expert listed ten altcoins he believes could make the most price gains when the altcoin season begins in full force. These tokens include Chainlink (LINK), Celestia (TIA), Arbitrum (ARB), Polkadot (DOT), Cosmos (ATOM), DYDX (DYDX), WooNetwork (WOO), Sei (SEI), Skale Network (SKL), and Covalent (CQT). Expectations For Bitcoin In the short term, Van de Poppe expects Bitcoin to experience a relief bounce to around $70,000. However, he didn’t sound so bullish about the flagship crypto’s long-term trajectory, predicting that Bitcoin will face a period of consolidation that he doesn’t expect to change in the “coming months.” In another X post, he said, “It’s a waiting game on Bitcoin currently, as momentum is relatively gone.” He added that he expects Bitcoin to continue “the retracement and consolidation,” while altcoins will bounce up in their BTC pairs during this period. Related Reading: Crypto Analyst Predicts Cardano Rally To $3 As Price Reaches ‘Ultimate Support Test’ This predicted consolidation period looks to be the re-accumulation phase in the stages of Bitcoin halving, which crypto analyst Rekt Capital once referred to. Elaborating on what this period is like, Rekt Capital stated back then that many investors get “shaken out in this stage due to boredom, impatience, and disappointment with lack of major results in their BTC investment in the immediate aftermath of the Halving.” Once this period is over, Bitcoin is expected to make its “parabolic uptrend,” a phase that Rekt Capital noted historically lasts just over a year. In line with this, it is worth noting that most of Bitcoin’s price gains usually come between six months to a year after the Bitcoin halving has occurred. BTC price shows bullish momentum ahead of halving | Source: BTCUSD on Tradingview.com Featured image from Yahoo Finance, chart from Tradingview.com
Over $290 million in crypto liquidations occurred in 24 hours as bitcoin rebounded 5% to near $65K ahead of its halving event.
The post Crypto liquidations spike hours before Bitcoin halving appeared first on Crypto Briefing.
JPMorgan stands by a bearish Bitcoin forecast post-halving, with a target of $42,000 due to high production costs and market overvaluation.
The post JPMorgan doubles down on $42,000 Bitcoin price forecast post-halving appeared first on Crypto Briefing.
A record 27,700 Bitcoin was sent to ‘accumulation addresses’ on April 16, as the price of Bitcoin tumbled below $63,000.
Analysts at Goldman Sachs, a leading global banking and investment management firm, have offered valuable insights into the anticipated effects of the forthcoming Bitcoin halving, on the price of the cryptocurrency. They emphasize that while the Bitcoin halving is a noteworthy event, other major factors will likely exert greater influence on Bitcoin’s future value. Bitcoin Halving To Play Lesser Role In BTC’s Outlook In a note to clients, Goldman Sach’s analysts have cautioned against reading too much into the past Bitcoin halving cycles and their impact on the cryptocurrency. Based on historical trends, the Bitcoin halving cycles tend to have a favorable effect on the value of Bitcoin, often triggering a bull run. The bank noted that whether the Bitcoin halving scheduled for April 20, becomes a “buy the rumor, sell the news event,” it would hold less significance for the cryptocurrency’s medium-term outlook. They argue that the future performance of the pioneer cryptocurrency would be more heavily influenced by the supply and demand dynamics within the current market. Additionally, the analysts highlighted that the growing interest and demand for Spot Bitcoin Exchange Traded Funds (ETFs) combined with the self-reflexive nature of the crypto market would be the primary contributing factor to Bitcoin’s price action and future outlook. Sharing a similar perspective, analysts at CryptoQuant disclosed earlier in April that the 2024 Bitcoin halving was no longer a primary catalyst for Bitcoin’s bullish surge. They highlighted that factors such as increasing demand from large-scale investors and diminishing supply were now the key drivers of Bitcoin’s upward momentum. Analysts Warn Of Macroeconomic Influence On New Halving Cycle Analysts at Goldman Sachs have predicted that macroeconomic factors such as inflation could have a significant influence on the upcoming Bitcoin halving event. “Caution should be taken against extrapolating the past cycles and the impact of halving, given the respective prevailing macro conditions,” Goldman Sachs analysts noted. Related Reading: Crypto Analyst Says Don’t Buy Altcoins Just Yet – Here’s Why Unlike previous halving cycles, the present economic conditions display high inflationary pressures and interest rates, which could cause the 2024 Bitcoin halving cycle to diverge from historical patterns. In other words, the analysts have suggested that for Bitcoin’s historical halving bull runs to occur, macro conditions need to be supportive of investor risk-taking. Currently, the United States faces challenges with high inflation, while interest rates stand above 5%. These conditions may exert pressure on Bitcoin’s market dynamics. However, despite the prevailing circumstances, many see the digital currency as a formidable inflation hedge and a beacon of hope against escalating inflationary pressures. BTC price at $62,000 | Source: BTCUSD on Tradingview.com Featured image from CryptoSlate, chart from Tradingview.com
BRC-20 tokens saw a sharp decline as investor focus shifted toward Bitcoin Runes, which are also at risk of a major correction.
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Bitcoin traders are eagerly anticipating that the upcoming scheduled decrease in the issuance of new coins will lead to a significant surge in Bitcoin’s price. Nevertheless, this expectation may not be fully realized this time, according to various experts. Deutsche Bank suggests that the effects of the Bitcoin halving are already reflected in its current …
What does Bitcoin’s fourth halving mean, and why does it matter?
Unlike the last Bitcoin halving, a ho-hum affair where Covid-locked-down gawkers had little choice but to tune into livestreamed watch parties, the upcoming Bitcoin halving comes with project launches, competitions and IRL celebrations in Denver and Costa Rica.
Cryptocurrency exchange and trading platform, Bybit has released a new report highlighting the impacts of the upcoming Bitcoin halving event on the supply dynamics of Bitcoin within exchanges in the crypto space. The crypto firm has provided valuable insights on how the halving event would enhance scarcity and considerably influence the price of BTC. Exchanges Set To Face Bitcoin Supply Crunch On Tuesday, April 16, Bybit published a new report, providing a detailed analysis of the Bitcoin halving event set to take place this month. The crypto firm disclosed that the Bitcoin reserves within the world’s crypto exchanges have been depleting at a rapid pace, leaving only nine months of BTC supply left on exchanges. Related Reading: Arbitrum’s Massive $107 Million Token Unlock Threatens To Send Price Below $1 For a clearer perspective, Bybit explains that with just two million Bitcoin left in its total supply, a daily influx of $500 million into Spot Bitcoin ETFs would result in approximately 7,142 BTC leaving exchanges daily. This suggests that it would take only nine months to completely consume all of the remaining BTC reserves on exchanges. Bybit has stated that a major contributor to this supply squeeze would be the upcoming Bitcoin halving event, which would reduce the cryptocurrency’s total supply by 50% by cutting Bitcoin miners’ rewards in half. The crypto exchange has also disclosed that after the halving event, the sell-side supply of BTC flowing into Centralized Exchanges (CEXs) will become grossly reduced. Additionally, Bitcoin’s “supply squeeze will ostensibly be worse.” BTC To Become “Twice As Rare As Gold” In its report, Bybit compared Bitcoin’s supply after the halving event with that of gold. The crypto exchange revealed that Bitcoin was steadily growing to become one of the safest investment choices, even for the most seasoned and sophisticated investors within the crypto space. According to the exchange, the Bitcoin halving event would significantly impact the cryptocurrency’s scarcity factor, making it an even rarer asset than gold. Basing this analysis on the Stock-to-Flow (S2F) ratio, Bybit disclosed that Bitcoin’s S2F ratio is around 56 currently, while gold’s ratio is 60. After the halving event this April, Bitcoin’s S2F ratio is projected to increase to 112. Related Reading: Arkham Releases Top 5 Crypto Rich List – You Won’t Believe How Much Is Inaccessible “Each Bitcoin halving sharpens the narrative of Bitcoin as not just a currency, but a scarce digital asset, akin to digital gold. This upcoming halving in 2024 will thrust BTC into an era of unprecedented scarcity, making it twice as rare as gold,” the Co-founder and CEO of Bybit, Ben Zhou stated. While highlighting the significance of Bitcoin’s rarity following the halving event, another report also disclosed that the price of Bitcoin would experience significant upward pressure post-halving. This suggests that BTC’S supply squeeze could potentially propel its price to new heights during this period. Furthermore, the report revealed that several crypto analysts predict that the post-halving increase in Bitcoin’s price would be less remarkable than the early pre-halving surge which saw the price of Bitcoin hitting new all-time highs of more than $73,000. BTC price drops below $63,000 | Source: BTCUSD on Tradingview.com Featured image from Analytics Vidhya, chart from Tradingview.com
The five largest Bitcoin mining firms are not selling in anticipation of the Bitcoin halving, despite historical data suggesting a significant post-halving drop in BTC mining revenue.
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As Bitcoin gears up for its fourth halving in mid-April 2024, it is causing quite a stir. This event directly affects crypto miners so it is understandable if any conversation is happening around this, but the big talk is not just about that. People in the crypto world are more concerned about its ripple effects. …
The block reward halving’s impact on mining profitability could prompt Bitcoin miners to look for more sustainable energy sources, turning the grid more sustainable.
Risk assets could be at a tipping point, warns Markus Thielen, who announced selling all the company’s tech stocks as his outlook turned bearish.
With the fourth Bitcoin Halving just around the corner, Lady of Crypto, a market analyst and trader, has weighed in on claims concerning this bull cycle. The crypto analyst shared her insights after analyzing the recent market decline and the impending Bitcoin halving this month. According to the expert, there have been speculations that since BTC broke its all-time high early, the cryptocurrency can continue seeing fresh gains. Bullish Run Misconception: Bitcoin Can Hit Another ATH? Lady of Crypto has disregarded the claims that this bull cycle will begin early, saying she believed the community was “lied to and suggesting widespread misinformation” and dismissing the current gains as the signs of a widespread bull run. Related Reading: Will The Halving Send Bitcoin Price To $100,000? Analytics Platform Reveals What You Should Expect As The Halving approaches, the analyst noted that Bitcoin and Altcoins are severely down, but this is not the time to panic. Drawing attention to the 2016 and 2020 pre-halving dips, she highlights that BTC plummeted by 30% and 20% shortly before the event. Meanwhile, during this pre-halving period, BTC has dropped by over 17%, with altcoins falling by 29%. Although the current decline was severe, Lady of Crypto notes that it is in the range of a typical pre-halving dip and a black swan event. She compares the COVID meltdown, in which BTC fell by 58% and altcoins by 68%, suggesting that the current decline pales in significance. Lady of Crypto clarified that Bitcoin Spot Exchange-Traded Funds (ETFs) have been a major factor in BTC breaking its peak early, highlighting that the masses have not yet arrived. The expert then points to social media presence, revealing that the masses are returning to the crypto market. “YouTube views and subscribers show interest in returning gradually, in line with this time last cycle, as do new Twitter followers,” she added. This Bull Cycle Is Mirroring Past Halving Except for BTC’s early all-time high break, Lady of Crypto believes this bull run is unfolding similarly to the last two, albeit with more volatility. However, the volatility suggests this will be the biggest bull market ever. Related Reading: Bitcoin Bonanza Before The Halving? Analyst Sees Pre-Crash Buying Window She advises underexposed investors that the dips are the best chance to purchase BTC during a bull run. Meanwhile, if an investor is overexposed, holding the crypto asset has historically been the best course of action, drawing attention to 2020 and 2021 dips. Addressing fear and panic among investors, Lady of Crypto cautioned that multiple situations might trigger a panic sell during every bull run. Even though these events appear terrible, like the bull run coming to an end, they are just sideshows. Featured image from Istock, chart from Tradingview.com
Bitcoin's once-every-four-years "halving" this week may be very different from those of earlier epochs, typically ho-hum affairs. Now, an intense competition is underway to mine the first block after the halving, which could contain a rare and collectible fragment of a bitcoin known as an "epic sat."
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The Bitcoin halving, scheduled for April 20, is set to mark a turning point for altcoins too. In previous halvings, Bitcoin’s influence usually declined over the next few months. This decrease in Bitcoin’s market control often triggered more money flowing into other coins. Many of these altcoins have recently reached new highs in 2024 following …
From Tim Draper's $250K BTC prediction to Ubisoft’s newest web3 game, Paris Blockchain Week didn’t disappoint.