What’s Next for Bitcoin Price as it Officially Completes the 2024 Halving?
- Bitcoin’s fourth halving event slashes miner rewards from 6.25 to 3.125 BTC per block.
- Industry experts are divided on the long-term impact, with projections suggesting potential new highs of $250K.
- The reduction in block rewards aims to decrease the Bitcoin supply, which currently stands at 19.6 million.
On Friday night, the Bitcoin network implemented its fourth halving event, reducing the incentives for miners by half. Specifically, as of April 18, miners earned 6.25 BTC tokens, equivalent to about $400,000, to validate a block of transactions. Following yesterday’s halving, miners now earn 3.125 BTC.
This event occurs approximately every four years, as the Bitcoin code dictates. The aim is to moderate the issuance of Bitcoins and foster scarcity. Industry pundits are divided over the implications of this year’s halving on Bitcoin’s long-term value.
JPMorgan anticipates a potential downside for Bitcoin following the halving, while Deutsche Bank suggests limited expectations for price escalation. Nonetheless, the actual ramifications may unfold in the months ahead. Emphatically, the price …
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