With the Bitcoin halving nearly here, analysts are predicting massive price movement amid some security concerns.
The rewards for mining Bitcoin are about to be chopped in half for miners in a scheduled event called “the halving.” This anti-inflationary measure is predicted to occur on or about April 17, 2024.
The months leading up to the halving have seen the approval of the first-ever spot Bitcoin exchange-traded funds in the United States as well as) price of $73,679 set on March 13, 2024. Whether the price will deflate, rocket or maintain after the April halving event is anyone’s guess — there are no guarantees. But if the past is any indicator of the future, previous halving events can be studied to get an idea of how this year’s could play out.
May 11, 2020, brought the third and most recent halving event. Bitcoin mining rewards were reduced to 6.25 BTC per block and traded for about $8,750 at the time. Within a year, Bitcoin reached an all-time high of approximately $62,000.With this year’s halving set to happen in mid-April, both the price of BTC and speculation surrounding the event have reached all-time highs.
At the far end of the spectrum, there are potential security risks involved in the halving due to the potential for smaller miners to be forced out of the scene. With rewards slated to be reduced by 50%, those miners operating at the edge of profitability/loss could find themselves staked out of the rewards spectrum and seeking a sell-off or unaided exit.
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