Bitcoin halving is likely this week — here’s what you need to know

CNBC, by Arjun Kharpal

Image generated by APEX using AI

Image generated by APEX using AI

 

KEY POINTS

# The bitcoin halving is imminent. This technical event, written in bitcoin’s code, happens every four years. In simple terms, it is when the rewards for bitcoin miners are cut in half.

# The aim is to reduce the pace at which new bitcoin enter the market. Since there will ever only be 21 million bitcoin, the halving serves to create more bitcoin scarcity.

# In the past, halving has preceded massive rises in bitcoin prices to new all-time highs. But this time, things are different.

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The Bitcoin “halving” is almost upon us.

This technical event, written in bitcoin’s code, happens every four years. In simple terms, it is when the rewards for bitcoin miners are cut in half. This reduces the pace at which new bitcoins enter the market.

Since there will ever only be 21 million bitcoins, the halving serves to create more scarcity.

In the past, halving has preceded massive rises in bitcoin prices to new all-time highs. But this time, things are different.

Bitcoin has already hit a new record high, before the halving has taken place. That’s because the approval of spot bitcoin exchange-trade funds has excited the market and brought in lots of demand for the cryptocurrency.

In the latest episode of CNBC Tech’s “Beyond the Valley” podcast — which you can listen to above — Tom Chitty and I discuss what exactly the halving is and how this latest bitcoin cycle is different from the past.

To continue reading the original article, click here.

Bitcoin Price Returns to $69,000 Ahead of 4/20 Halving

Decrypt, By Andrew Hayward

Bitcoin is bouncing back from a lull to start April, climbing back up above $69,000 on Thursday as the network’s anticipated halving event is set to take place in a couple weeks.

The price of Bitcoin has jumped by 5% over the last 24 hours to a current price of $69,139, reversing a three-day trend that saw the leading cryptocurrency (by market cap) drop beneath the $70,000 level and nearly touch $65,000 on Tuesday before rising on Thursday.

The Bitcoin halving is the quadrennial network event that cuts the amount of BTC that miners receive as a reward for successfully producing a new block. It’s meant to slow the growth of the circulating supply and curb inflation, and is typically tied to a rising price for the asset.

In anticipation of the next halving, which is currently expected to take place on April 20, the price of Bitcoin spiked in March to a new all-time high price of $73,737, jumping several times during the month as it gradually pushed higher and higher. Bitcoin’s long-standing previous all-time high was set in November 2021 around the $69,000 mark.

The estimated date for the halving has bounced around in recent weeks, as the event is pegged to a certain network block, and Bitcoin activity and demand helps determine how quickly the network gets to that point. Currently, it’s expected on April 20 or 4/20, a notable meme number that aligns well with the current price—itself featuring another major meme number.

Bitcoin’s latest rise has unsurprisingly sparked similar action across the market, which is broadly up 4% on the day per data from CoinGecko.

To continue reading the original article, click here.