As Bitcoin and crypto market experiencing intense rally, 2024 halving is just around corner; here's what its impact has been historicallyDisclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies.
The inaugural Bitcoin halving occurred at block 210,000, reducing the block reward from 50 BTC to 25 BTC. This event generated tension among crypto investors, fearing it might discourage miners and coincided with Bitcoin's rise to mainstream attention. Prices were significantly higher than the first halving but still far from the subsequent years' peaks. BTC reached $766 per unit on June 16 before dropping 13.83% to $660 on the halving date. Nonetheless, by Dec. 31, 2016, Bitcoin's price had surged to $963 per unit.
Following the market crash on March 11, 2020, Bitcoin experienced a significant price drop, plummeting from $7,944.05 to $4,857.31, representing a 38.85% fall, though it did not surpass the 2012 decrease. The Bitcoin halving is coming up in April, and historical patterns suggest a potential upswing in price post-halving events.
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