Tuesday , March 19 2024
Home / Bitcoin (BTC) / Upcoming Bitcoin Halving Is 51 Days from Now and Could Save Crashing Crypto Market

Upcoming Bitcoin Halving Is 51 Days from Now and Could Save Crashing Crypto Market

Summary:
All eyes are on Bitcoin halving scheduled in mid-May 2020 to retrieve the lost glory of Bitcoin. Amid the COVID-19 outbreak, Bitcoin price has corrected over 40% in just the last month.The COVID-19 pandemic has severely hit not only the traditional markets but also the cryptocurrency markets. The overall cryptocurrency market has corrected nearly 40% in just the last month. The world’s largest cryptocurrency Bitcoin has also corrected 40% during the same period. This market crash has wiped out all of Bitcoin’s early 2020 gains. Just in a month’s time, Bitcoin has corrected ruthlessly from its 2020-high turning 40% positive returns into negative year-to-date returns. All eyes are currently now on the upcoming Bitcoin halving event that is just 51 days from now.The halving event is expected

Topics:
Bhushan Akolkar considers the following as important: , , , , , , , , , , ,

This could be interesting, too:

Godfrey Benjamin writes Worldcoin Asserts Legality in Operating Countries amid Spanish Ban

Steve Muchoki writes Chiliz (CHZ) Signs Strategic Partnership with Unagi and LFP to Launch Coach Ligue 1 Fantasy Football Game

Chimamanda U. Martha writes Iconic Photo of Dogwifhat Meme Coin Nets .3M in NFT Auction

Godfrey Benjamin writes Standard Chartered Raises Its BTC and ETH Forecasts, Bitcoin Can Reach 0K in 2025

All eyes are on Bitcoin halving scheduled in mid-May 2020 to retrieve the lost glory of Bitcoin. Amid the COVID-19 outbreak, Bitcoin price has corrected over 40% in just the last month.

The COVID-19 pandemic has severely hit not only the traditional markets but also the cryptocurrency markets. The overall cryptocurrency market has corrected nearly 40% in just the last month. The world’s largest cryptocurrency Bitcoin has also corrected 40% during the same period. This market crash has wiped out all of Bitcoin’s early 2020 gains. Just in a month’s time, Bitcoin has corrected ruthlessly from its 2020-high turning 40% positive returns into negative year-to-date returns. All eyes are currently now on the upcoming Bitcoin halving event that is just 51 days from now.

The halving event is expected around May 18, 2020, when the total blocks in the network reach 630,000. The halving will reduce the block rewards from 12.5 BTC to 6.25 BTC.

Several cryptocurrency analysts believe that the upcoming Bitcoin halving could be a savior for Bitcoin investors as well as the overall cryptocurrency market. Bitcoin halving works on the concept of limiting supply. By limiting the miner rewards, there will be less supply of BTC in the network. Thus, as per the popular theory of supply and demand, Bitcoin’s price will increase considering lesser supply and rising demand.

The Bitcoin halving has already been pre-coded in the Bitcoin network and repeats itself every four years. Until Bitcoin reaches its maximum supply of 21 million tokens, the Bitcoin network will undergo halving nearly 32 times. Historical trends suggest that the BTC price increases as the world’s largest cryptocurrency experiences halving.

Will Upcoming Bitcoin Halving Be a Real Game-Changer?

While the historical trends suggest it, the recent Bitcoin movement has shattered the hopes of investors. The Coronavirus pandemic got the global markets to correct heavily. However, the crypto market failed to capitalize this moment and collapsed as well!

Rather than people moving towards Bitcoin, we saw a heavy correction in the market and the BTC price. The good thing is we have seen many institutional players entering the market over the last few months. This could possibly boost the BTC price and eventually the markets from here. The thing is some analysts believe that Bitcoin halving is somewhat a hyped event.

Popular crypto trader and analyst Peter Brandt thinks that halving has little relevance for BTC’s price movement.

Similarly, Galaxy Digital CEO Mike Novogratz also thinks that the BTC price movement is all about a confidence game.

However, taking into account the quickly changing situation on the market that we have now, we still should be ready for everything. Today the market tendencies are extremely unpredictable.

Bitcoin, Blockchain, Cryptocurrency news, News
Bhushan Akolkar
Author: Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Share this article

Leave a Reply

Your email address will not be published. Required fields are marked *