BTCUSDT: Bitcoin Stays Near $66,000 After Halving
The Bitcoin prices are surged to $66K after the halving Bitcoin into Four pieces. 21 Million Bitcoin only to mine, fewer bitcoin has to mining under progress, So reduce the demand by halving method. After halving transaction charges lower, public usage also higher in the supply of halving.
BTCUSDT is moving in Ascending channel and market has reached higher high area of the channel
On Tuesday, Bitcoin (BTC) was trading at $66,074, as per CoinDesk data, showing a marginal increase from its price the previous day. This stability in Bitcoin’s price comes in the aftermath of the fourth Bitcoin-halving event, which occurred on Friday. Following the halving, the issuance rate of new Bitcoin dropped to 3.125 every 10 minutes.
The post-halving price behavior of Bitcoin has been somewhat unexpected, with prices remaining relatively subdued. This contrasts with previous halving events, where significant price surges were observed. Experts attribute this muted response to the fact that the price of Bitcoin had already experienced considerable growth leading up to the halving. Notably, this marks the first time in Bitcoin’s history that the price had surged before the halving event itself.
Meanwhile, other cryptocurrencies were also being traded on Tuesday, with Ethereum priced at $3,180, BNB at $605, and Solana at $154, as reported by CoinDesk.
Halving, in the context of Bitcoin, involves a reduction in the rate of issuance, cutting it in half. This adjustment in the foundational blockchain technology of Bitcoin aims to slow down the pace of generating new bitcoins. Since the total supply of Bitcoin is capped at 21 million, a decrease in the issuance rate has implications for its price dynamics.
Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, noted that the markets had already factored in the halving, resulting in minimal volatility around the event. However, he anticipates near-term downward pressure as miners and ecosystem participants adjust to the new supply dynamics. Despite this, Chaturvedi highlights Bitcoin’s decreasing annual inflation compared to gold, which could attract investors seeking a ‘store of value’ asset class.
Shivam Thakral, CEO of BuyUcoin, pointed out that layer 2 tokens associated with Bitcoin have outperformed Bitcoin itself following the halving. He predicts that these tokens could continue to outperform the market as more Bitcoin layer 2 projects introduce innovative scalability solutions.
Looking ahead, industry insiders suggest that external factors will play a significant role in determining Bitcoin prices in 2024. Past instances of price surges following halvings were often influenced by major macroeconomic events, geopolitical tensions, economic fluctuations, technological advancements, adoption rates, and other demand influencers will also shape Bitcoin’s price trajectory.
BTCUSDT: Bitcoin Halving Boosts Long-Term Profit Potential
The Bitcoin prices are surged to $66K after the halving Bitcoin into Four pieces. 21 Million Bitcoin only to mine, fewer bitcoin has to mining under progress, So reduce the demand by halving method. After halving transaction charges lower, public usage also higher in the supply of halving.
BTCUSDT is moving in Ascending channel and market has reached higher low area of the channel
Bitcoin, one of the foremost cryptocurrencies in the market, recently underwent its fourth halving event, drawing significant attention from market participants. While the impact of such events is closely scrutinized, it’s essential to recognize that Bitcoin’s inherent value extends beyond these occurrences. Joe Burnett, a researcher at Unchained, a financial services company specializing in Bitcoin, has shed light on the unique monetary properties of Bitcoin, which distinguish it from traditional assets.
Unchained offers value-collaborative custody services for Bitcoin, catering to both individual and corporate clients. According to Burnett’s research, Bitcoin serves as an exceptional tool for savings, providing a shield against the inevitable fluctuations of the free market. He asserts that Bitcoin stands out as a superior asset capable of preserving wealth over time without succumbing to depreciation.
Understanding the intricacies of Bitcoin halving, a pivotal event in Bitcoin’s lifecycle, can be daunting for the average investor. At block 840,000, the Bitcoin block subsidy programmatically reduces from 6.25 to 3.125 BTC, autonomously and without influence from external entities. Burnett emphasizes that Bitcoin’s monetary properties—portability, durability, divisibility, and fungibility—combined with its credibly scarce supply limit, position it as the premier form of money. Halving serves as another milestone reinforcing Bitcoin’s predictable, immutable, and transparent monetary policy.
While Bitcoin’s price volatility may concern some investors, Unchained’s focus remains on long-term Bitcoin holders. Burnett advocates for a strategic approach, advising investors to allocate capital earmarked for long-term savings to Bitcoin. By adopting this perspective, investors can disregard short-term fluctuations and concentrate on long-term capital appreciation.
Despite the recent sell-off preceding the halving, Burnett remains optimistic about Bitcoin’s prospects in the coming months. He views Bitcoin as a barometer of global liquidity, suggesting that it may face challenges during periods of tightening macroeconomic conditions but stand to benefit during easing phases. Over time, as fiat currencies continue to expand, Bitcoin is poised to emerge as the preferred store of value.
Burnett stresses that investing in Bitcoin requires a long-term commitment and patience, cautioning against expecting quick riches. He believes it’s not too late for investors to enter the Bitcoin market, provided they secure their holdings through collaborative custody solutions like those offered by Unchained. By eliminating single points of failure, collaborative custody ensures the security of Bitcoin holdings, offering peace of mind to investors in an ever-evolving digital landscape.
BTCUSDT: Bitcoin Stable at $66k Amid Rate Jitters and Capital Outflows
The Bitcoin prices are surged to $66K after the halving Bitcoin into Four pieces. 21 Million Bitcoin only to mine, fewer bitcoin has to mining under progress, So reduce the demand by halving method. After halving transaction charges lower, public usage also higher in the supply of halving.
BTCUSDT is moving in box pattern and market has rebounded from the support area of the pattern
Bitcoin’s Price Remains Steady at $66k Amid Uncertainty Over Interest Rates and Capital Outflows
On Tuesday, Bitcoin’s price showed little movement following the recent halving event, which had minimal impact on its value. Concurrently, concerns over higher-for-longer interest rates continued to drive capital outflows from investment products, including Bitcoin.
Despite the launch of a new protocol on the Bitcoin blockchain, which led to increased on-chain activity, the token’s price remained largely unaffected. The significance of the protocol launch overshadowed the halving event, contributing to the subdued price action.
Bitcoin ETFs witnessed sustained outflows, with approximately $192 million exiting Bitcoin investment products in the week ending April 21, according to data from CoinShares. Particularly, U.S. ETFs experienced outflows of $244 million during the same period, contributing to the overall decline in trading volumes.
The launch of spot Bitcoin ETFs earlier this year had driven Bitcoin prices to record highs in March. However, the token has since remained rangebound, fluctuating between $60,000 and $70,000, amid diminishing enthusiasm surrounding ETFs.
The crypto market’s sentiment has been further dampened by uncertainties regarding the Federal Reserve’s interest rate policy. Speculation over early interest rate hikes by the Fed has raised concerns among investors, as lower interest rates have historically fueled long-term gains in the crypto sector.
While altcoins experienced mixed price movements on Tuesday, they largely remained rangebound due to the absence of significant market catalysts. Ethereum declined by 0.5% to $3,184.91, while Solana and XRP saw marginal gains of 0.45% and 2%, respectively.
Despite the subdued price action, crypto-related stocks recorded gains on Monday, driven by a surge in Bitcoin transaction fees following the halving event. The launch of the “Runes” protocol on Bitcoin, enabling token minting on the blockchain, contributed to the heightened transaction fees.
Analysts at Bitfinex anticipate that Bitcoin’s halving could substantially impact the market, potentially causing demand to outpace supply by five times. Following the reduction in mining rewards from 6.25 BTC to 3.125 BTC per block, the daily issuance rate is expected to decrease, potentially leading to increased scarcity and heightened demand for the cryptocurrency.
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