Bitcoin Halves: But What Next?
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Throughout the night, and the most anticipated event in the cryptocurrency space in 2020 took place. Bitcoin went through its third halving event. This is an event that only takes place every four years and now the latest bitcoin mining block reward has reduced the block reward on BTC from 12.5 to 6.25.
Following the highly anticipated event: the price of the leading cryptocurrency is currently sitting at $8649 following a decrease in value of 0.29% over the past 24 hours. As many of you will know, many investors and analysis looked into the potential result of the halving being the thing that shoots bitcoin up the table to a new all-time high. As of yet, nothing has happened…
Looking at the two previous events, the BTC price spiked following the halvings and as a result, the event as it stands has become subject of a diverse price prediction. Some people in the space predict that the event will have little to no impact on the price of bitcoin whereas others believe that the event will definitely have a knock-on impact on the coin.
As a result of this event, many experts within the industry have predicted that many minors will shut down generating new bitcoin as a wide number of mining devices will suddenly become outdated.
Even though the event has only just happened, not much has occurred to the price of BTC at the time of writing. That isn’t to say nothing will happen over the next day or two however, as it stands it is hard to tell.