Bitcoin Shrugs Off Fourth Halving: Miner Rewards Halved, Price Holds Strong
Portfolio Pulse from Navdeep Yadav
Bitcoin experienced a 1.5% increase following its fourth halving event, where mining rewards were reduced from 6.25 BTC to 3.125 BTC. This event, which aims to manage scarcity and control inflation, has historically led to bullish market trends. Despite predictions of short-term volatility, there's optimism for Bitcoin's long-term price, with billionaire investor Tim Draper forecasting a rise to $250,000. The global cryptocurrency market cap surged by 4.7%, with significant spikes in crypto liquidations and exchange inflows.
April 20, 2024 | 12:56 am
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Bitcoin's price increased by 1.5% following the fourth halving event, with a notable surge in the cryptocurrency market cap and optimism for future growth.
The halving event reduces the supply of new Bitcoins, creating scarcity that historically leads to price increases. The immediate price rise and market optimism, supported by influential forecasts like Tim Draper's, suggest a positive short-term impact on Bitcoin's price.
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