Bitcoin price starts the week bullish after first halving since 2020
TLDR
- Bitcoin price rose by 2.86% to $66,560.39 following its recent halving, reducing incentives for miners.
- Ether also saw a 1.24% increase to $3,187.67, while public cryptocurrency miners' stocks surged post-halving.
- Bitcoin supply halving three days ago halved miner rewards to 3.125 BTC/block, contributing to a 5% price increase and sparking speculation on its future trajectory.
Bitcoin saw a modest rise at the beginning of the week following the completion of its fourth halving on Friday, resulting in reduced incentives for Bitcoin miners.
The cryptocurrency's price increased by 2.86% to $66,560.39, according to Coin Metrics, while Ether rose 1.24% to $3,187.67. Public cryptocurrency miners' stocks also climbed after rallying ahead of the halving.
Since the Bitcoin supply halving three days ago, which halved miner rewards from 6.25 BTC per block to 3.125 BTC, the pioneer cryptocurrency's price has been up by around 5%. Some market participants are speculating about whether Bitcoin will sustain its upward trajectory post-halving.
Key Takeaways
The Bitcoin halving reduces the rewards given to miners by half and occurs approximately every four years, following the protocol outlined in the Bitcoin code. Its purpose is to decrease the issuance of bitcoins, fostering scarcity and preserving the cryptocurrency's digital, gold-like characteristics. Typically, investors anticipate minimal immediate price movement in bitcoin surrounding the halving, as its effects historically take several months to manifest in the cryptocurrency's price. However, JPMorgan has expressed concerns about potential short-term downside risks for bitcoin.
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