After Bitcoin Halving weekend, crypto market sees small gains

Bitcoin’s halving event took place over the weekend, but did not trigger huge price rallies as many investors and miners hoped

April 23, 2024 10:26 am | Updated 10:26 am IST

Bitcoin last month reached a new all-time-high in price [File]

Bitcoin last month reached a new all-time-high in price [File] | Photo Credit: REUTERS

Bitcoin’s long anticipated halving event, in which the block reward is cut by 50% to slow the distribution of new coins, took place over the weekend. But it did not trigger huge price rallies as many investors and crypto miners expected.

The Bitcoin Halving event takes place around every four years and slows the entry of new coins into the crypto economy, helping the asset grow more scarce over time.

There is a strict upper limit of 21 million Bitcoin, out of which more than 19 million have been “mined” by people who crack complex puzzles with high-end computing hardware in order to facilitate other people’s blockchain transactions. They now receive 3.125 Bitcoin as a reward for doing so first, compared to 6.25 BTC a month ago.

Bitcoin rose by 5.89% in the past seven days and remained below its former $70,000 threshold, while Ether (ETH) rose by 4.76% in the past week and remained below $3,500. While Bitcoin is the largest cryptocurrency by market capitalisation, Ether is the second largest.

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On March 14 this year, Bitcoin touched a new all-time high of $73,750.07, crossing the $70,000 threshold for the very first time in its existence. Investors, analysts, and miners hoped that the Bitcoin Halving would further boost prices and feed investors’ optimism, which encourages buying.

The price soon corrected after reaching the new high but is currently above the $60,000 threshold.

The popularity of cryptocurrencies and their spreading usage brings up questions as to how governments should regulate the asset so as to protect investors while also acting against malicious actors.

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