1. Bitcoin hovers around $66,000 in global crypto markets post-

Bitcoin (BTC) trades at $66,074 on Tuesday, marginally higher than its price a day ago, CoinDesk data showed. The fourth bitcoin halving took place on Friday, following which the issuance rate of new bitcoin dropped to 3.125 every 10 minutes.

It is a little surprising that bitcoin is trading at muted prices post-halving. Experts explain this by saying that the price had already risen prior to the halving. In fact, it’s the first time in Bitcoin history that the price had increased before the event.

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2. Ethereum-

Ethereum on Tuesday traded at $3,180,

3. BNB-

BNB at $605

4. SOL-

Solana at $154

CoinDesk reported.

Halving means the rate of issuance is cut in half. The halving refers to an alteration in the foundational blockchain technology of this cryptocurrency,

aimed at decreasing the pace of generating new bitcoins. Since there can only be 21 million bitcoins, and when newer bitcoins are fewer in number, this is likely to impact bitcoin prices.

  • Bitcoin’s 200-day average is on track to challenge its previous peak of $49,452 from February 2022.
  • Past data show the most intense phase of the bull cycle unfolds after this average surpasses its previous peak.

Bitcoin’s (BTC) price moved into bullish territory above the 200-day simple moving average (SMA) in October, setting record highs above $73,000 last month.

  • Now, the average, a crucial barometer of long-term trends, is also rising fast in a sign of strong bullish momentum and appears set to surpass its previous peak of $49,452 in February 2022. At press time, bitcoin traded at $66,200, with the 200-day average at $47,909.
  • That’s noteworthy for traders as past data show the most intense phase of the bullish cycle unfolds after the average surpasses its previous peak to new lifetime highs.
  • In early November 2020, six months after the third halving, bitcoin’s 200-day SMA rose to its then-highest above $10,320. By mid-April 2021, bitcoin had rallied 4.5 times to $63,800.
  • The cryptocurrency surged over 2000% to nearly $20,000 in 12 months after the average set new highs in December 2016, or five months after the second halving. A similar meteoric rally unfolded after the average rose to a new peak in November 2012, around the time of the first halving.
  • As always, past data is no guarantee of future results.
  • That said, some features of the past cycles have been repeated to a T. For instance, BTC’s bear market climaxed in November 2022, and prices rose in subsequent months, which aligns with the historical pattern of bottoming out to start a new rally 15 months ahead of the halving. Bitcoin blockchain implemented the fourth mining reward halving on Saturday, reducing the per-block coin emission to 3.125 BTC from 6.25 BTC.

    • Most analysts are of the view that rising government debt concerns will eventually force the U.S. Federal Reserve (Fed) to cut interest rates rapidly, keeping risk assets, including cryptocurrencies, in an uptrend.

  • In the short term, however, prices may drop due to profit-taking and volatility in bond markets.

    • Bitcoin rose slightly to start the week after the network on Friday completed its fourth halving, which reduces the incentives paid to bitcoin miners.The price of the cryptocurrency was last higher by 2.86% at $66,560.39, according to Coin Metrics. Ether rose 1.24% to $3,187.67.Shares of public cryptocurrency miners climbed, after rallying into the close Friday before the halving, which took place later that day. The biggest miners, Marathon Digital jumped 6% while Riot Platforms surged 23%. Clean Spark and Iris Energy increased by about 11% each.

The Bitcoin halving slashes the incentives rewarded to miners in half and takes place about once every four years, as mandated in the Bitcoin code. It’s meant to slow the issuance of bitcoins, creating a scarcity effect and allowing cryptocurrency to maintain its digital, gold-like quality.

Many investors have been expecting little price action in bitcoin around the halving itself, as historically it has taken several months to see its impact reflected in the price of bitcoin. JPMorgan, however, said it sees some near-term downside risk in bitcoin.

Source : – Coinmetric

Large, publicly listed bitcoin mining operations are largely positioned to absorb the event. They have been preparing for months by making big purchase orders for new and more efficient mining equipment, increasing their electricity capacity and increasing their hash rates. Hash rates measure the computational efficiency of crypto miners. Smaller, less efficient operations are at risk of being forced offline, allowing remaining miners to take more market share and opening up M&A opportunities.

 

Team AABR45