Tech
Bitcoin Stands at $66,000 After Halving
Photo: Jose Cabezas (Reuters)
Bitcoin saw a modest increase following its halving event, with the leading cryptocurrency holding steady at $66,000, a gain of nearly 2%, Monday morning.
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Bitcoin went through the halving phase on Friday and Saturday, which split the mining reward from 6.25 Bitcoin to 3.125. Bitcoin’s price experienced weeks of volatility leading up to the event.
The technical event known as “halving” occurs every four years and will continue until all 21 million Bitcoins have been mined. The feature is important because it creates a monetary system that controls inflation.
THE the process will continue until around 2140. After the last halving, 29 more halving events will occur before the final reward of a single satoshi (the smallest unit of Bitcoin) is granted.
According to blockchain analytics firm IntotheBlock, Bitcoin is currently sitting at a solid support level. “Bitcoin is currently sitting right on top of a key demand zone, with 1.66 million addresses purchasing at an average price of $64,800.” IntotheBlock has published on X.
“This price point could potentially serve as a strong support level should the market experience further downside pressure.”
Additionally, following the halving, Bitcoin transaction fees skyrocketed to an all-time high of $127 briefly over the weekend. according to Bitinfo charts.
Other cryptocurrencies like Ether and Solana saw a slight increase, each trading up nearly 1% as of Monday morning at $3,100 and $152, respectively. Over the past day, the global cryptocurrency market capitalization increased by 1.13% to $2.41 trillion, according to CoinMarketCap.
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