Bitcoin halving has come and gone. Many people waited with bated breath for a sudden spike in price, which didn’t happen. In fact, immediately after halving prices dipped a little, possibly as a result of miners selling off. However, since then bitcoin has made steady progress upwards and now sits just above $9,800. Although not back up to the highs of $10k just over a week ago, price momentum looks bullish, suggesting there is still plenty of potential for the crypto asset to rise even higher.
Many of the more bullish crypto-asset analysts were looking for huge jumps in price post halving, but this is a fundamental misunderstanding of the long-term nature of bitcoin as an investment. As I’ve said before, I believe the halving precipitates a long bull run in bitcoin, one which may see highs of $100,000 – $120,000 within 18 months. Of course, there is always the possibility that it may drop, but this would be likely due to another black swan event such as a worsening of the Covid-19 pandemic, at which point other investable assets would be impacted as well.
So how have miners been affected by the halving? They will have seen their revenues drop dramatically. Pre-halving total revenue from miners was sitting at $17-18m per day, now total mining revenue is around $7m, even with the rise in bitcoin prices. It’s definitely something to keep an eye on, as often these revenues are indicative of the health of the wider crypto-asset sector.
And to show that what happens in the crypto asset sector does have a wider impact, Nasdaq listed ASICS manufacturer Canaan has seen a good run in its stock performance over the past few weeks as miners upgrade their kit. Because miners have taken a hit to their revenues, they need to invest in the most up to date and more efficient hardware, so firms such as Canaan will benefit.
Crypto Asset Firms Enter Wall Street… As Customers
JP Morgan, one of the titans of international banking, has taken on exchanges Coinbase and Gemini as clients, according to multiple reports last week. This is a significant move as it shows that not only are traditional banks waking up to the fact that their clients want to access crypto assets, it also brings further credibility to the sector. It will be interesting to see who follows JP Morgan with a similar deal, and indeed what else might come from this relationship.
TONs Of Investors Disappointed As Telegram Scraps Blockchain Platform
In other big news, Telegram announced that it will be abandoning its TON blockchain network. In the firm’s surprise announcement, founder and CEO Pavel Durov was critical of the US Securities and Exchange Commission (SEC). In March a US court issued a preliminary injunction in favor of a suit from the SEC, which stated that if TON went ahead it would be engaging in the sale of unregistered securities.
In a scathing commentary on the Telegram channel, Durov said the SEC was interfering with individuals’ investments. While positive steps are taken with developments such as that by JP Morgan, the TON controversy shows there is still much to do to reassure authorities around the world of the benefits of crypto assets and blockchain projects. To stop this sort of thing happening again and again, we need more dialogue between the regulators and the private companies who are innovating in the sector.
That’s why it is encouraging to see Facebook’s Libra project appoint Stuart Levey as its new CEO. Not only is Levey the former global legal chief for HSBC, but he was also a consultant on financial crime to both the Bush and Obama administrations. This is a perfect example of how companies involved in these challenging projects can take steps to try and allay the worries of regulators. It is also probably a recognition by Facebook that for Libra to work, following its initial setbacks, it needs to demonstrate it understands the concerns of regulators and governments.
We need to see more of this in the sector because gaining the trust of regulators will also help gain the trust of the consumer.
BoE Says ‘Me, Me, Me’
A little closer to home, Simon Scorer, the Bank of England’s senior fintech specialist, has demonstrated similar disdain for the established crypto sector by declaring that the bank would not be led by tech providers when it comes to developing its own Central Bank Digital Currency (CBDC).
While it is understandable that the BoE will want to take complete control when developing a new digital currency, in my view, it has to be realistic. With institutions globally looking at CBDCs, and many such as China and Korea seemingly close to launching, for the BoE to keep up with the curve it needs to recognize that working collaboratively with technology providers is the best way to achieve that.
Ethereum 2.0 The Next Big Event?
For anyone worried that the bitcoin halving passing is the end of the excitement in the sector for the near future, fear not. Ethereum 2.0 is, apparently, on the horizon.
While its performance has correlated to that of bitcoin, should these upgrades occur smoothly we could see an increase in Ethereum’s strength, possibly even competing with bitcoin for dominance in the longer term. Could Ethereum be the one to topple bitcoin? We will have to wait and see.
Harry Potter And Half Bitcoin Block Reward
Over the weekend, author J. K. Rowling expressed an interest in bitcoin. Or rather, she asked for help in understanding how the crypto asset sector works.
Cue a deluge of Twitter users in her mentions using a plethora of jargon to explain the benefits of bitcoin. Unfortunately, it seems she was left none the wiser, but it is still good to see those in the public eye express interest in wanting to understand why these crypto-assets are so popular. They appreciate that bitcoin is no longer relegated to the confines of computer programmers and data scientists.
Powell’s Pronouncements Show That The Time For An Inflation Hedge Is Now
In slightly harder news, Jerome Powell gave an illuminating CBS interview, where he discussed the potential by which the US economy could contract. We have all been aware for some time the measures the Fed is taking, with regards to quantitative easing and increasing the money supply. But Powell’s candid discussion yesterday shows that now is an absolutely vital time to look for ways to hedge against inflation. Bitcoin’s jump this morning from $9,200 to $9,800 is evidence of this.
Disclaimer: This is a marketing communication and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without having regard to any particular investment objectives or financial situation and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past performance of a financial instrument, index or a packaged investment product are not, and should not be taken as a reliable indicator of future results.
All contents within this report are for informational purposes only and do not constitute financial advice. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared to utilize publicly-available information.
Crypto assets are volatile instruments that can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading crypto assets are unregulated and therefore is not supervised by any EU regulatory framework. Your capital is at risk.
origin »
Bitcoin’s price is lagging behind previous halving cycles, according to recent data from Halving Tracker. At 151 days after the 2024 halving, Bitcoin stands around $59,800, significantly lower than scaled prices from past cycles.
Quick Take According to Newhedge, Bitcoin’s mining difficulty has decreased by -0. 78%. This is the second negative adjustment in the last four, following the Bitcoin halving on April 20. The halving led to a delayed hash rate drawdown due to sustained high fees from Runes, which incentivized some miners to stay online.
Several Bitcoin miners experienced a decline in BTC production in May due to the effects of the April Bitcoin halving event. The Bitcoin halving occurs approximately every four years and automatically reduces miner rewards, thereby enhancing the flagship digital asset’s scarcity.
Post-halving, Bitcoin (BTC) miners face a squeeze as rewards drop and costs soar. Can innovative strategies and market dynamics help them stay profitable? The Bitcoin halving is an event built into the Bitcoin protocol that occurs approximately every four years.…
Bitcoin's hash rate has risen sharply since the halving
BTC's price decline adversely affected mining profitability too
As expected, the cost of Bitcoin [BTC] mining has risen sharply since The post Bitcoin halving fallout - '1st time in history' update leaves miners wary appeared first on AMBCrypto.
Following the commencement of the fourth Bitcoin halving, the entire cryptocurrency market, especially members of the Bitcoin community, anticipate an even more bullish run for the asset this year.
Bitcoin's latest halving might not lead to a sustained market rally, considering the mature asset class and economic uncertainty.
The post Bitcoin halving won’t be enough to sustain a bull run: Kaiko Research appeared first on Crypto Briefing.
Bitcoin’s halving won’t spark a lasting bull run over the next 12-18 months, relying on new investors through spot ETFs in the U.S. and in Hong Kong. The highly anticipated fourth Bitcoin halving is expected to have a less significant…
Mark Palmer of Benchmark expects Bitcoin to push further up now that it has completed its fourth halving. Why is Palmer bullish on Bitcoin? Palmer is bullish on what lies ahead for the world’s largest cryptocurrency after the Bitcoin halving 2024 particularly because both supply and demand sides of the story are now working in […]
Can altcoins rebound? Analyzing expert predictions and key indicators following Bitcoin’s recent halving. In the wake of Bitcoin’s (BTC) recent halving event, the crypto market has been anything but predictable.
Will Bitcoin’s price rally in the aftermath of the halving, or are there factors that could potentially impede its upward momentum? The much-anticipated event, the fourth Bitcoin (BTC) halving, has finally taken place, marking a new milestone in BTC’s journey. …
The SEC's approval of Bitcoin ETFs has transformed the market, with inflows supporting prices and altering post-halving dynamics.
The post Bitcoin on-chain metrics are “decidedly positive” after the halving, highlights Bitfinex report appeared first on Crypto Briefing.
Miners will be faced with substantial cost increases as a result of the halving, with electricity and bitcoin production costs almost doubling, the report said.
Sentiment around SHIB turned bearish in the last seven days.
Buying pressure on SHIB remained high while its price dropped.
The crypto market has keenly waited for Bitcoin’s [BTC] fourThe post Keeping track of Shiba Inu's next moves post Bitcoin halving appeared first on AMBCrypto.
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.
Bitcoin may see “short-term corrections or dips” after the halving event, says Shivam Thakral. He’s the chief executive of India’s 2nd longest-running exchange for digital assets – BuyUcoin. What Bitcoin halving 2024 may mean longer term Reward associated with mining Bitcoin is slated to halve over the next few hours. Ahead of it, price of […]
Bitcoin’s price is on the move, thanks to new ETFs. And thanks to the ‘halving’ just around the corner, speculation about its future price is on the move, too. The halving makes for a good show.
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.
Quick Take As we approach the Bitcoin halving and bid farewell to the current epoch, it is crucial to reflect on the events that have transpired since the previous halving in May 2020. The world has witnessed a series of significant events that have shaped the economic landscape and influenced the adoption of Bitcoin.
Quick Take As the highly anticipated Bitcoin halving draws near with just over 70 blocks remaining, and with the launch of Runes expected to go live on block 840,000, the Bitcoin market is witnessing a significant shift in transaction fees.
With the Bitcoin halving approaching, the focus shifts to whale behavior. Market watchers analyze how major investors are positioning themselves, anticipating its historical impact on Bitcoin's price and market trends
The post Bitcoin Halving Alert: How Are Whales Reacting to the Upcoming Event? appeared first on BeInCrypto.
The digital gold rush is back on. With the next Bitcoin halving event just around the corner, excitement in the cryptocurrency world has reached a fever pitch. Google Trends data reveals a record-breaking surge in global searches for “Bitcoin halving,” with scores hitting an unprecedented 45 and analysts predicting a potential climb to a perfect […]
Is Bitcoin Prime to reach a staggering $150,000 in the wake of the approaching Bitcoin Halving event? This sentiment is shared among analysts; however, it is often accompanied by a crippling fear: “Is it too late to buy into Bitcoin?” This question plagues novices and seasoned adherents wary of missing the golden opportunity. A new […]
From the prospects of BTC hitting $100,000 in 2024 — to search interest for the “Bitcoin halving” — here’s a data-driven look at this rare event. Bitcoin is lumbering up for its fourth halving — and no two events are…
Upcoming changes in Bitcoin’s mining rewards have historically signaled significant shifts in the cryptocurrency market. With the next halving event on the horizon, many anticipate it could serve as a catalyst for an unprecedented altcoin surge, potentially reshaping the investment terrain.
As Bitcoin and Ethereum gain ahead of Bitcoin's halving, Raboo enters the market with predictions of significant growth, attracting attention with its low presale price and unique features. #sponsored
After the 2024 Bitcoin halving Bitcoin will have a lower inflation rate than gold. Could Bitcoin finally become the ‘safe-haven’ it’s always promised to be?
Bitcoin price dropped to a low of $62,274 on Monday, liquidating over $70 million in derivatives positions.
Volume of Bitcoin derivatives trades is down 33% five days away from the BTC halving.
Open Interest at $60,000 put, a day before the halving is 1,060 contracts.
Unlock the secrets of Bitcoin's upcoming halving with CryptoSlate Alpha’s exclusive deep dive. Scheduled for April 20, 2024, at block 840,000, this pivotal event is more than just a potential trigger for market volatility—it's a cornerstone of Bitcoin’s economic design.
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."
Bitcoin halving is expected to trigger renewed investor interest, presenting a strategic advantage for web3 gaming projects that seek to capitalize on the growing momentum.
Bitcoin is now hovering around the $70,000 threshold after a notable recovery it witnessed a few days ago. Due to the recent momentum, crypto enthusiasts are becoming less pessimistic about the digital asset’s growth prior to the halving event.
In anticipation of the upcoming Bitcoin Halving event, which is expected to occur later this month, Marathon Digital CEO Fred Thiel believes that the price impact may already be factored into the market to a certain extent.
Marathon CEO Fred Thiel suggests that Bitcoin’s upcoming halving may already be partially priced in due to the success of spot ETF approvals. The upcoming halving of Bitcoin, set for mid-April, might already be accounted for to some extent, as…
Hayes projected that BTC could dump during the halving event.
However, Peter Brandt expects a dump only after a slight pump.
Bitcoin [BTC] extended its recovery and hit $72.7K, just an incThe post Exec warns of a Bitcoin 'price slump' despite halving hopes - Why? appeared first on AMBCrypto.
Amidst the looming Bitcoin halving, miners face dwindling rewards and transaction fees, pressuring their profitability and sparking varied industry responses.
The post Bitcoin Miners Struggle to Maintain Operations Ahead of the Halving appeared first on BeInCrypto.
Bitcoin might begin another bull rally before its upcoming halving.
Metrics and indicators supported the possibility of a bull run.
Bitcoin’s [BTC] price finally showed signs of a bullThe post Ahead of 2024 halving, Bitcoin defies historical trends yet again - How? appeared first on AMBCrypto.
As we approach the conclusion of the third epoch, the countdown to the next Bitcoin halving is firmly underway. The halving (also known as the “Halvening”) is one of the most important and innovative features of Bitcoin.
The much stronger-than-expected inflows into the spot bitcoin exchange-traded funds (ETFs) have already caused concerns about a supply shock in the bitcoin market, potentially taking away some of the impacts of the halving.
Bitcoin Cash's mining reward per block has been reduced to 3.125.
Spot ETF approvals might reduce the impact of BTC halving.
In the buildup to the Bitcoin [BTC] halving, which is set to occuThe post Bitcoin Cash's halving - Identifying whether it will impact Bitcoin's future appeared first on AMBCrypto.
Blast Token plunges amid market downturn and declining Total Value Locked. Blast Foundation plans Phase 2 rollout with focus on full-stack ecosystem development. Delayed integrations and market skepticism challenge Blast’s path to recovery.
Ethereum co-founder Vitalik Buterin says node centralization is one of Ethereum’s main challenges, but the perfect solution may not come for another 20 years.
The total value of Ethereum (ETH) locked in the ETH 2. 0 deposit contract has reached an all-time high of 28,537,842 ETH, or over $100 billion. This represents a 10% increase from the previous ATH of 25,937,766 ETH, which was set in April 2023.
The Lido DAO is voting on a proposal that will see rewards increase in tiers according to how much ETH is staked via the protocol.
The post Lido DAO Votes on Tiered Rewards Proposal to Attract ETH Stakers appeared first on BeInCrypto.
In the 240 days since the merge, the total ETH supply has shrunk by around 0.213% driven by the transition to proof of stake.
The post The Merge Impact: Ethereum (ETH) Supply Drops by 0.285% in 240 Days appeared first on BeInCrypto.