Bitcoin Halving Event: Price Surges to $66,000 Just Days After Event
Bitcoin’s much-anticipated halving event took place on Friday, resulting in a surge in the cryptocurrency’s price just days after. Before the halving, Bitcoin was trading steadily around $63,000, but post-halving, the price jumped to $66,000 on Monday morning, marking a 1.6% increase.
The halving event reduced the issuance rate of new bitcoin to 3.125 every ten minutes, cutting the rewards for successful miners in half. With the maximum supply of Bitcoin capped at 21 million and the current circulating supply at 19.69 million, the scope for fresh bitcoins is limited.
Bitcoin has seen a 54% increase in value this year and a 136% surge in the last 52 weeks, with a market capitalization of $1.28 trillion. Despite expectations of a bull market post-halving, analysts suggest that the event was already factored into the market.
While the halving’s impact is expected to affect mining companies more than the cryptocurrency’s price directly, market analysts predict market choppiness in the near term due to macroeconomic factors. Attention now turns to the next halving in 2028, where the reward will be further reduced, leading miners to rely on transaction fees as a primary revenue source.
