The Bitcoin halving, one of the most anticipated events in the cryptocurrency world, is complete. With over 109K postings on X alone, the cryptocurrency industry has anticipated this event for four years, making it the most popular topic on social media.
The validation of 210,000 blocks indicates that the Bitcoin halving is taking place. That goal was ultimately accomplished last night in this fourth halving event. The history of Bitcoin halving has always been fascinating. The first ended on November 28, 2012, the second on July 9, 2016, and the third on May 11. Ultimately, on May 19, 2024, the fourth was held.
Following this BTC halving, Bitcoin’s mining reward has decreased from 6.25 BTC to 3.125 BTC. But a couple of other things happened that day as well.
Let’s talk about the highlights of the 2024 Bitcoin Halving in this blog.
Highlights of the Bitcoin Halving
This Friday, at about 8:09 p.m. Eastern time (5:39 a.m. IST), the Bitcoin Halving went into effect, immediately implementing the 3.125 BTC reward output per 10 minutes. The halving block was the 840,000th block in the Bitcoin network—mined by ViaBTC. The ViaBTC miner received incentives worth almost 40 Bitcoin, or $2.6 million, with only that one confirmation.
The #Bitcoin halving is complete!
Miners now receive 3.125 Bitcoin per block that’s produced.
Bitcoin Block 840,000 PAID 3 MILLION DOLLARS in fees to the miner who produced it 🤯🤯🤯 pic.twitter.com/DLDYu7VuCN
— Rajat Soni, CFA (@rajatsonifnance) April 20, 2024
The block subsidy and transaction fees—which are shockingly considerably more extensive than those of the previous block validation—were the cause of this enormous reward.
Before the halving block, the prior miner’s payout for validating the block was only seven bitcoins, or about $450,000. Although the precise causes of the incident are unknown, it is assumed that the investors were excited to interact with Bitcoin at that particular moment.
In the early days of Bitcoin, 50 BTC was awarded for validation; however, this amount has decreased with each passing event. The reward price lowered to 25 in the first halving, 12.5 in the second, 6.25 in the third, and 3.125 BTC in the fourth.
The next Bitcoin halving is scheduled for 2028, at which point the reward in BTC will be 1.5625.
How the price of Bitcoin Was Affected by Its Halving
The price of Bitcoin was roughly $65,000 at the time of the halving, and it has since somewhat decreased. As of this writing, its price is $64,100.13, with a market capitalization of $1,261,748,221,656, a significant decrease from the day before.
Cryptocurrency experts predict that the price may drop over the following days. This is because, with the reward slicing, the miners could start a selling spring to make up for their losses.
Thus, the price of Bitcoin did not change before, during, or after it. Nevertheless, all of the prior halvings have verified a price spike or potential bull market in the cryptocurrency space. These statistics suggest a price spike in September or October could kick off a bull run for the following year. Previous data indicates that a bull run should begin 518–546 days following the halving.
When Could Bitcoin Peak In This Bull Market?
Historically, Bitcoin has peaked in its Bull Market 518-546 days after the Halving (Chart 1)
This is how typical Bitcoin Halving Cycles have progressed
So if history repeats…
Next Bull Market peak may occur 518-546 days… pic.twitter.com/QXZUS7ZyjU
— Rekt Capital (@rektcapital) April 19, 2024
Bitcoin has increased by more than 120% annually and is trading profitably. Additionally, the CEO of Bitwise, one of the biggest fintech companies, forecast that the price of Bitcoin will surpass $100,000 before the end of the year.
In summary
Investors have been waiting for a bullish market situation for longer than the day of the Bitcoin halving, but it will take many months to a year for that to occur. The halving event hasn’t affected the price of Bitcoin or the cryptocurrency market.
It must wait and watch what transpires over the next many months. And how this halving and the Bitcoin Spot ETF will push the cryptocurrency market.
