A critical turning point has been reached for cryptocurrencies. Bitcoin halving process is expected to be completed this week. It is also wondered how the Bitcoin halving will affect prices.
A critical turning point has been reached for the cryptocurrency market. Bitcoin halving, which occurs every four years, is expected to be completed this week.
The Bitcoin halving process, in which the amount of Bitcoin in circulation will be halved, is expected to be completed on April 20.
It is also a matter of curiosity how the Bitcoin halving will affect cryptocurrencies. Analysts warned that there may be some sales in cryptocurrencies due to halving.
Stating that the sales may become evident once the halving date becomes clear, analysts pointed out that it may have a positive impact on the price of the largest crypto asset in the long run.
WHAT IS BITCOIN HALVING?
With the Bitcoin halving, the mining reward will drop to 3,125 Bitcoin per block. The previous halving took place in May 2020 and miners’ Bitcoin reward decreased from 12.5 to 6.25. A block is added to the Bitcoin network every 10 minutes.
The amount of Bitcoin that miners who verify transactions on the network can earn each day will decrease from 900 to 450.
CRYPTO MARKET IS TRYING TO RECOVER
Following the tension in the Middle East, the fluctuating trend in cryptocurrencies continues.
Iran’s attack on Israel increased tension in the markets and accelerated sales in risky assets.
Following the attacks, Bitcoin dropped over 10% on Saturday. BTC dropped from $67,900 to $61,000 on Saturday evening.
The fact that the tension in the Middle East has decreased somewhat has strengthened the recovery trend in cryptocurrencies.
Bitcoin is trading at $63,445 today. Ethereum finds buyers around $3,095.
Source: NTV / Prepared by Irem Yildiz