Digital currencies gained significantly this year, and cryptocurrency prices remained resilient despite a tough regulatory crackdown and the fear, uncertainty, and doubt (FUD) that hit the industry.
the most important event in the history of Bitcoin (BTC) Blockchain – Halving – Is Now schedule April 2024 means exactly one year away. In many cases, the timeline for this event is known in advance, but the fact that April is here adds to the seriousness of chasing the halving event.
A halving is a network event that halves the reward scheme given to miners in the Proof of Work (PoW) system that powers the Bitcoin blockchain. The reward is currently fixed at 6.25 per block and will be reduced to 3.125 by the next halving which coincides with block 740,000.
This decline signifies a deflationary trend for the Bitcoin protocol, further extending the timeline on which a total of 21,000,000 BTC supply will be generated.
Industry Reactions to Bitcoin Halving
Many experts in the crypto market regard the Bitcoin halving as a very significant event that solidifies the technological narrative championed by the world’s largest digital currency by market capitalization.
Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, has said that 2024 will be a pivotal year for the BTC blockchain as it coincides with the upcoming Bitcoin halving. according to For market veterans, there is a high degree of certainty that there will be a compelling global recession by next year, and when that time comes, institutional investors will recognize Bitcoin’s irresistible appeal.
“The point is, what is holding back its trajectory? In the big picture of these $10,000 moves taking place, I think a significant amount of bitcoin could lose your hair. “The bottom line is that smart investors and institutions on the planet feel like they need their share of this wealth every day. At least all Republican politicians are leaning towards the president and it’s going to be a great setup next year.I’m really looking forward to it,” he added.
His position regarding institutional investors aspiring to own a piece of digital currency is also supported by many other market experts, many of whom believe demand for the asset will drop significantly in production. It explains that it is ready to push up.
Bitcoin price outlook
The movement of increasing demand and decreasing supply brought about by the next Bitcoin halving is sure to have a significant impact on the BTC price.
Digital currencies have received a significant boost this year. Strict regulatory crackdown Cryptocurrency prices have remained resilient during the Fear, Uncertainty and Doubt (FUD) that has hit the industry.
Digital currency is currently Change hands at $28,434.34, up 2% over the last 24 hours and up 71.74% year-to-date. The trend is expected to repeat itself amidst the expected growing frenzy, as historically the Bitcoin halving has been known to fuel an increase in the Bitcoin price.
Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-world applications and innovations in blockchain technology, driving general acceptance and global integration of emerging technologies. His desire to educate people about cryptocurrencies has inspired his contributions to famous blockchain-based media and sites. Benjamin Godfrey loves sports and farming.
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