Crypto:
30188
Bitcoin:
$69.009
% 2.65
BTC Dominance:
%54.4
% 0.13
Market Cap:
$2.44 T
% 3.67
Fear & Greed:
74 / 100
Bitcoin:
$ 69.009
BTC Dominance:
% 54.4
Market Cap:
$2.44 T

Bitcoin Halving Event Approaches, Market Volatility Increases

Bitcoin Halving

Although it has been over a month since the cryptocurrency had its all-time high, a Bitcoin halving event will take place in a day or two from now, even when it is being sold at a 15% discount. In CoinGecko, Bitcoin was worth $61,900 as of 2:00 a.m. ET.

By cutting the mining incentives from 6.25 to 3.125 Bitcoin per block, the halving is expected to affect the market value and the scarcity of the digital currency.

The halving is a feature of the protocol that occurs roughly once every four years, and the cryptocurrency community is eagerly awaiting it since it is expected to decrease supply inflow and hence raise Bitcoin’s value. However, Nikolaos Panigirtzoglou and other analysts from JP Morgan note that the market might have already priced in the halving and are concerned about Bitcoin’s recent overbought state.

In recent times, a number of factors have combined to cause bitcoin prices to fall. These are futures market liquidations, a worldwide frenzy, and Powell’s remarks, said the CNBC. Despite the current market volatility, several analysts predict that mining equities will rally following the halving as investors look for and back the strongest companies.

What Are Bitcoin Runes?

Runes, a Bitcoin-based system allowing the creation of fungible tokens by using unspent and remainder Bitcoin from transactions (UTXO), will go live during this year’s halving event. Runes is emerging as an easier replacement for Bitcoin’s fungible tokens.

The complexity of BRC-20, the current fungible tokens on Bitcoin, frequently draws criticism.

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