- The reward for mining BTC has now dropped from 12.5 BTC to 6.25 BTC.
- There has been a massive USD 1,430.51 range as we headed toward the halving event on Monday.
There has not been a massive instant reaction to the halving event as some people and analysts had been expecting. Sometimes these events fail to live up to their expectations or have a delayed effect. At the moment the bulls and bears are fighting around the 8500.00 level but there has been a notable pick up in volume over the last couple of hours. Earlier on the day, there was a large sell-off that saw the price break down to 8106.70 and there has been a firm low in place on the intraday charts.
Bitcoin’s anonymous inventor Satoshi Nakamoto decided there would only be 21 million BTC. The creators wanted new coins to be released gradually into the market and at the same time, it was very important for a generous supply of Bitcoin to start circulating sooner rather than later.
In the beginning, the reward stood at 50 BTC per block. This was less than a single dollar back in 2009. For this upcoming halving event, the total number of Bitcoin earned by miners per block will be reduced from 12.5 BTC to 6.25 BTC per block. Therefore, in theory, reducing supply.
There could be some temporary implications of mining times. This is because the change will lead to slower block times as many miners, particularly the smaller players, will no longer be able to cover their costs and have to go out of business.
BTC/USD 10-minute chart
The chart below shows the extent of the volatility today as the market participants edged towards the halving. Now it has been done, there was minimal reaction right at the time but the BTC/USD did push away from session lows.
The key resistance level to keep an eye on is 9200.00 and the support is the session low at 8106.70.
 (23)-637248219496859176.png)
Additional levels
All information and content on this website, from this website or from FX daily ltd. should be viewed as educational only. Although the author, FX daily ltd. and its contributors believe the information and contents to be accurate, we neither guarantee their accuracy nor assume any liability for errors. The concepts and methods introduced should be used to stimulate intelligent trading decisions. Any mention of profits should be considered hypothetical and may not reflect slippage, liquidity and fees in live trading. Unless otherwise stated, all illustrations are made with the benefit of hindsight. There is risk of loss as well as profit in trading. It should not be presumed that the methods presented on this website or from material obtained from this website in any manner will be profitable or that they will not result in losses. Past performance is not a guarantee of future results. It is the responsibility of each trader to determine their own financial suitability. FX daily ltd. cannot be held responsible for any direct or indirect loss incurred by applying any of the information obtained here. Futures, forex, equities and options trading contains substantial risk, is not for every trader, and only risk capital should be used. Any form of trading, including forex, options, hedging and spreads, contains risk. Past performance is not indicative of future FX daily ltd. are not Registered Financial Investment Advisors, securities brokers-dealers or brokers of the U.S. Securities and Exchange Commission or with any state securities regulatory authority OR UK FCA. We recommend consulting with a registered investment advisor, broker-dealer, and/or financial advisor. If you choose to invest, with or without seeking advice, then any consequences resulting from your investments are your sole responsibility FX daily ltd. does not assume responsibility for any profits or losses in any stocks, options, futures or trading strategy mentioned on the website, newsletter, online trading room or trading classes. All information should be taken as educational purposes only.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.