{"id":2341,"date":"2024-04-20T15:21:30","date_gmt":"2024-04-20T15:21:30","guid":{"rendered":"https:\/\/dailywashingtoninsider.com\/index.php\/2024\/04\/20\/bitcoins-highly-anticipated-halving-event-takes-place\/"},"modified":"2024-04-20T15:21:30","modified_gmt":"2024-04-20T15:21:30","slug":"bitcoins-highly-anticipated-halving-event-takes-place","status":"publish","type":"post","link":"https:\/\/dailywashingtoninsider.com\/index.php\/2024\/04\/20\/bitcoins-highly-anticipated-halving-event-takes-place\/","title":{"rendered":"Bitcoin\u2019s highly anticipated \u2018halving\u2019 event takes place"},"content":{"rendered":"
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Bitcoin’s rare halving event has taken place, according to crypto analysis firm CoinGecko.<\/p>\n

It slashes the number of new Bitcoin<\/strong> entering the market by cutting the rewards earned by Bitcoin miners by 50%.<\/p>\n

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Taking place roughly every four years, it’s designed to cap supply at 21 million by 2140.<\/p>\n

It means just 450 Bitcoin will now be created each day.<\/p>\n

Halvings also took place in 2012, 2016 and 2020 – and the mechanism was written into Bitcoin’s code when it was first created.<\/p>\n

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The cryptocurrency’s price remained stable at $63,747 (\u00a351,531) after the halving, with analysts saying the anticipated event had already been priced in.<\/p>\n

Investors will be hoping a big increase won’t be too far away though, after previous halvings eventually led to significant gains.<\/p>\n

The price at the May 2020 halving was around $8,600, but a year later it surged to over $56,000.<\/p>\n

Andrew O’Neill, a crypto expert at S&P Global, said he was “somewhat sceptical of the lessons that can be taken in terms of price prediction from previous halvings”.<\/p>\n

“It’s only one factor in a multitude of factors that can drive price,” said Mr O’Neill.<\/p>\n

Bitcoin hit a new high of $73,803 (\u00a359,661) in March<\/strong> after rising 175% over the previous 12 months.<\/p>\n

It also received a boost in legitimacy in January when funds (ETFs) holding Bitcoin were allowed to be traded on the US stock exchange.<\/p>\n

The mainstream financial industry has traditionally viewed Bitcoin as extremely high risk and prone to unpredictable and dramatic price swings.<\/p>\n

Bank of England governor Andrew Bailey warned in 2021 that cryptocurrencies<\/strong> have “no intrinsic value” and investors should be “prepared to lose all your money”.<\/p>\n

He also told MPs in January that crypto was “pretty inefficient” and still “not taking off as a core financial service”.<\/p>\n

More than 19.5 million Bitcoin have now been mined, leaving just 1.5 million able to be mined over the next 116 years.<\/p>\n

The halving takes place every 210,000 “blocks” – which normally works out around every four years.<\/p>\n<\/p>\n

This post appeared first on sky.com<\/div>\n<\/div>\n

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