Bitcoin Halving 2024: Implications for Miners and Market Dynamics
The price trajectory of Bitcoin has remained little unchained despite speculations and projections by different analysts before the halving.
$63 716
1H
0.02%$12.74
24H
-1.96%$1 274
7D
-5.57%$3 758
30D
-4.75%$3 177
Bitcoin is the pioneer of the cryptocurrency concept, as it’s the first decentralized digital currency introduced back in 2009. The creator of BTC and underlying blockchain technology is mysterious Satoshi Nakamoto, whose true identity hasn’t been discovered yet, despite quite a lot of people claimed they had created Bitcoin. BTC opened up the new industry of peer-to-peer crypto coins, which has been actively evolving since then.
Bitcoin is built on the distributed ledger technology or blockchain. In other words, each Bitcoin transaction that has ever been made exists on a public ledger accessible to everyone, making transactions hard to reverse and difficult to fake. Managing these transactions and the issuing of Bitcoins is carried out collectively by the network. This is possible due to peer-to-peer (P2P) technology that eliminates the need for a central authority or any intermediaries, like banks.
Bitcoins are elementally made through the process of mining, which is performed by high-powered computers that solve complex computational math problems. In fact, there are only 21 million Bitcoins that can be mined in total. Once miners have unlocked this number of bitcoins, the supply will be exhausted.
The list of BTC use cases is unlimited. It can be used for payment transactions, as a store of value, as collateral, and much more. Bitcoin has a huge lead over the hundreds of other digital currencies, it is revolutionizing and challenging the traditional finance systems.
The price trajectory of Bitcoin has remained little unchained despite speculations and projections by different analysts before the halving.
The Merlin Chain’s native token MERL is available for trading on several crypto exchanges including OKX, and Bitget.
The Cardano ecosystem has thrived in the web3 sector thus bolstering the bullish outlook for ADA price after the Bitcoin halving 2024.
As Bitcoin price rebounded prior to options expiry, traders took advantage of negative funding rates to initiate long positions, leading to a recovery.
Despite recent outflows from Bitcoin ETFs, analyst Eric Balchunas says it’s only 1% of total inflows and calls it “minuscule” in the bigger picture.