Bitcoin Halving 2024 - Opportunity to Become Rich #Crypto69

Bitcoin Halving 2024 - Opportunity to Become Rich #Crypto69
Is Bitcoin Halving 2024 a game changer for investors?
Bitcoin Halving is an important event in the cryptocurrency world. Halvings occur approximately every four years and have a direct impact on the rate of new Bitcoin issuance. Here's how it works:
Halving mechanism: Bitcoin's block reward is halved every 210,000 blocks (approximately every four years). Initially, miners received 50 Bitcoins per block, but after the first halving, this reward was reduced to 25 Bitcoins. The May 2020 halving further reduced the reward to 6.25 Bitcoin per block. During the last halving on April 19, the reward was reduced to 3,125 Bitcoins per block. The total amount of Bitcoin is limited to 21 million coins, after which no more new tokens will be issued.
Why halvings matter: Halving events are important because they directly affect the supply of new Bitcoin. By reducing the issuance rate, halving contributes to Bitcoin's scarcity, making it a deflationary asset. This scarcity is one of the factors that contribute to Bitcoin's value.
Pre-halving anxiety: Ahead of the halving in May 2020, Bitcoin experienced a significant price drop in the month leading up to the event. This trend has been observed in several halving events (except the recent halving in 2024). However, the market tends to react optimistically, predicting positive effects of reduced coin issuance.
During the night from April 19 to 20, the 840,000th block was added to the Bitcoin blockchain, marking the occurrence of the fourth Bitcoin halving. During the halving, Bitcoin price temporarily responded by slightly decreasing, falling to $63,564 on April 20. At the time of writing, the price increased slightly to $66,301.

Bitcoin hits record high before 2024 halving
Before the Bitcoin halving in 2024, Bitcoin (BTC) experienced a bull run. Since the beginning of the year alone, the price of Bitcoin has increased by 52%, and over the past 12 months, it has recorded an impressive increase of 134%. The cryptocurrency reached a preliminary peak during the rally on March 13, 2024, setting a new record high at $73,605.

However, as Easter weekend approaches, purchasing power declines slightly. On April 1, the most valuable cryptocurrency was trading at around $69,500. Over the weekend, the cryptocurrency recovered and reached $72,572 on April 8, marking its highest level since mid-March.

On April 14, Bitcoin plummeted below $62,000 as the cryptocurrency market reacted strongly to major geopolitical shifts. Within just 30 minutes of official confirmation of Iran's attacks on Israel, Bitcoin lost more than 10% of its value. This drop also means that Bitcoin is down more than 20% from its recent all-time high.

Ethereum (ETH), the second largest cryptocurrency, also fell about 10%, falling below the key $3,000 mark.

This weekend, not only cryptocurrencies but also the stock market reacted nervously to Iran's attacks on Israel.

Jeroen Blokland, founder of the Blokland Smart Multi-Asset Fund, said: As stock and bond markets close over the weekend, it is clear that investors will sell cryptocurrencies if new geopolitical tensions arise. arose on the weekend.
One hedge fund manager explained that the strong price reaction in the cryptocurrency market is also related to the fact that many crypto investors are using leverage. This means that when things are good, they make especially large profits, but when things go south, the losses are especially sharp.

Over the following week, Bitcoin price recovered a bit, and on April 19, the cryptocurrency's valuation reached $66,351 per Bitcoin.

Increase in Bitcoin adoption
Bitcoin has seen a significant increase in adoption and recognition this year. The US Securities and Exchange Commission (SEC) approved a Bitcoin spot ETF for the first time earlier this year, making it much easier for many traders to invest in cryptocurrency.

This development also contributed to the positive performance of BTC price before the halving. Spot Bitcoin ETFs experienced a significant increase in trading volume in March, reaching an impressive $111 billion. This is a notable increase, nearly three times the trading volume reported in February ($42.2 billion).