Bitcoin Halving 2022: Details of Bitcoin’s Strength Days After the Event

Market is moving Cryptocurrency Up, supported by positive Bitcoin momentum. The total market value of cryptocurrencies reached $2.44 trillion, an increase of 1.6% in 24 hours and 0.8% in seven days, according to the special website “FX Secret”. Bitcoin rose 1.9% within 24 hours to $66.4 thousand, steadily rising from last Thursday. The price has not moved much in the past few days, balancing the favor from the half and the negativity from the Nasdaq decline.

And repeat Currency Alternative positive dynamics for the first cryptocurrency, and it has been rising since the end of last week. However, her strength declined significantly two weeks ago, and her recovery has been very slow so far. As a result, Bitcoin’s share of total value has reached a three-year high of nearly 55% of the money market encrypted.

On April 20, specifically at 0:10 GMT, the fourth halving in the history of the Bitcoin network took place on block number 840,000. The ViaBTC mining pool decommissioned the block, and saw miner rewards drop from 6.25 BTC to 3.125 BTC. Commissions on the first block of the Bitcoin network rose dramatically to $2.4 million after the copy. The first digital currency may enter a “regroup phase” after the halving. After that, a “parabolic rise” will begin, according to Rekt Capital. In his opinion, the movement of Bitcoin now follows the same pattern, as it was in previous half cycles.

Bitcoin’s price has so far defied warnings that the second half could trigger a “massive selloff,” rising from less than $60,000 per bitcoin this week to around $65,000. Currently, Bitcoin miners and analysts are grappling with halving the “churn,” which has sent Bitcoin transaction fees to “unprecedented” levels, according to Forbes.

So-called bitcoin miners secure​​​​​​the bitcoin network and process transactions for new bitcoin and transaction fees through powerful computers that are believed to use the same amount of electricity each year as some small countries. The half marks another important milestone in the digital currency space, as leaders in the digital currency community shared different views on how the event will affect different areas of cryptocurrencies.

The fourth half of Bitcoin

On April 20, the Bitcoin network passed the halving event with mining rewards reduced from 6.25 Bitcoins per block to 3,125 Bitcoins, equivalent to approximately $200,000 at the current price of Bitcoin. From a technical point of view, the expert Gun Serer argued that the half was not good. “As a technologist, Bitcoin halving is not a good thing,” he explained to Cointelegraph, “Why?

This halving is believed to push “hundreds of millions” of miners out, meaning less money is available to secure the network. While Gohn highlighted the potential long-term growth in the cryptocurrency space, Tether CEO Paolo Ardoino told CoinTelegraph that the halving may not have an immediate impact on Bitcoin’s price. According to Justin Hyun, director of investments at The Open Network Foundation (TON), those who experience the Bitcoin halving will see for the first time how the cryptocurrency space works.