LONDON -Bitcoin, the world's largest cryptocurrency, on Friday completed its"halving," a phenomenon that happens roughly every four years, according to according to CoinGecko, a cryptocurrency data and analysis company.Bitcoin enthusiasts had eagerly waited for the"halving"- a change to the cryptocurrency's underlying technology designed to cut the rate at which new bitcoins are created.
For some crypto fans, the halving will underscore bitcoin's value as an increasingly scarce commodity. Nakamoto capped bitcoin supply at 21 million tokens. But sceptics see it as little more than a technical change talked up by speculators to inflate the virtual currency's price. Bitcoin and other cryptocurrencies have been supported by excitement around the U.S. Securities and Exchange Commission's decision in January to approve spot bitcoin exchange-traded funds, as well as expectations that central banks will cut interest rates.
They expect bitcoin's price to fall after the halving, because it is"overbought" and venture capital funding for the crypto industry has been"subdued" this year.
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