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Crypto Countdown: Exactly Three Weeks Remain Until The Bitcoin Halving

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3 mins read
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Bitcoin‘s halving is just three weeks away at this point, and with the critically important event happening so soon, the first-ever crypto asset is at an especially pivotal junction that could shape the future of the asset in the near and long term.

But what exactly does the halving mean, and why is it that crypto investors expect the event to be so shockingly bullish? We’re taking a look at past halving cycles and providing various scenarios as to the final outcome of the event coming in just 21 days.

What is a Halving and Why Impact Does it Have on Bitcoin Price?

Bitcoin is the first of its kind and kicked off the cryptocurrency craze that has now led to thousands upon thousands of altcoins and billions of dollars in market cap.

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However, it wasn’t the first attempt at creating a digital form of cash. Instead, Satoshi Nakamoto took early concepts designed by other cypherpunks and solved the most critical issue plaguing these other pioneer projects: double-spending.

Related Reading | Bitcoin Mining Sell Pressure Waning, Supply Shock To Drive Massive Price Increase

The only way previously to prevent double-spending, was by having a third-party or central authority validating transactions. Bitcoin does this without the need for a central authority through a process called proof-of-work, or Bitcoin mining.

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The process involves hi-tech machinery designed to squeeze out as much has hash power at as low cost as possible, using it to solve complex mathematical equations. The miner or mining pool to solve all equations unlocks a reward of 12.5 BTC currently.

In three weeks, that drops to just 6.25 BTC. There are 31 of these pre-coded halvings set to reduce the Bitcoin supply at regular intervals until the full supply is in circulation.

Each halving in the past has kicked off a monstrous bull run. The idea is that the BTC supply miners receive gets slashed in half, raising production costs immediately. Miners halt selling at a loss, and it throws off the delicate balance of supply and demand.

This fact has had crypto investors considering the event to be incredibly bullish. And each time in the past, Bitcoin price rose exponentially following the event.

bitcoin price chart halving

Crypto Investor Sentiment At Extreme Lows, May Miss Out On Opportunity of a Lifetime

In just three weeks, this same event happens once again, but the once highly anticipated event thought to be incredibly bullish, has done little to cause prices to rise in advance of what is expected to be the most important factor in causing Bitcoin price to rise.

Sentiment is in the gutter following last month’s record-breaking collapse that took the price of the leading cryptocurrency by market cap to under $4,000 at the low. The coronavirus pandemic has caused investors to be too fearful to take a risk with the cryptocurrency market, even with Bitcoin’s halving so close.

Related Reading | Bitcoin Shows Ideal Set Up For Epic Rally: Stock-to-Flow and Oversold RSI 

If the bullish explosion that was once expected does play out, many of Bitcoin’s biggest supporters may miss out on the opportunity they spent the last four years waiting for.

And if it doesn’t, well, the recession may send Bitcoin into its first real bear market in the asset’s history.

Tags: bitcoinbtcusdcryptohalvingmining
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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