There are 34 days left until the Bitcoin network’s halving event, expected on or around April 20, 2024, which will reduce miners’ rewards by half. Bitcoin’s price has remained above $60,000 throughout March, reaching close to $74,000 on March 14. Between onchain fees and the price increase, these factors could offset revenue losses from the […]
Source link
Bitcoin has witnessed new highs in its price lately, with the premier cryptocurrency experiencing an over 60% increase since the beginning of the year. Meanwhile, the crypto community is abuzz with debates on whether the impending halving event is already reflected in the price. There’s a prevailing suspicion that despite bitcoin’s climb against the U.S. […]
Source link
On Thursday, Bitcoin’s network difficulty escalated by 5.79% at block height 834,624, signaling the year’s fourth rising adjustment. The mining difficulty now stands at an unprecedented peak of 83.95 trillion, with the forthcoming adjustment anticipated around March 27, 2024. Bitcoin Difficulty Jumps 5.79% Mining Bitcoin has reached unprecedented levels of difficulty, peaking at 83.95 trillion […]
Source link
JPMorgan has cautioned investors that the price of bitcoin could fall to $42,000 after the halving event in April. The global investment bank’s analysts explained that $42K is the level they “envisage bitcoin prices drifting towards once bitcoin-halving-induced euphoria subsides after April.” The bank also recently stated that the bitcoin halving and the next major […]
Source link
On Saturday, March 2, the valuation of bitcoin cash witnessed a significant increase, climbing over 40% within a 24-hour span to reach a peak of $451 each. This upward trend is attributed to the anticipated halving event, set to happen in 16 days, and the forthcoming 2024 upgrade, which is expected to implement an adaptive […]
Source link
Bitcoin halvings have historically been viewed as a bullish event for the cryptocurrency — and the upcoming one, expected in April, could benefit from an even more ideal setup than in previous cycles, according to crypto-market observers.
Halving is a mechanism written into the Bitcoin blockchain’s algorithm to control the coin’s supply, which has a cap of 21 million. At halvings, the reward for bitcoin mining is cut in half, meaning miners will receive 50% fewer bitcoins for verifying transactions.
Halvings are scheduled to happen after every 210,000 blocks that are mined — or about every four years — until the maximum supply of bitcoin is all released.
Bitcoin
BTCUSD,
tends to see price appreciation in the months after halvings, according to historical data. The next halving is expected to happen on April 19, according to a projection by bitcoin investment platform Swan Bitcoin.
But this particular halving comes at the first time in bitcoin’s history where the cryptocurrency faces a confluence of factors impacting both its supply and demand side, according to Cosmo Jiang, portfolio manager at crypto asset manager Pantera Capital.
As halvings control bitcoin supply, bitcoin exchange-traded funds are bringing in “steady daily inflows” into the crypto from the demand side, Jiang said in a call. In January, the U.S. Securities Exchange and Commission approved 10 bitcoin ETFs for the first time in history.
Read: 5 ways bitcoin ETFs are already changing how crypto is traded
Increased institutional participation recently pushed bitcoin to a level near its record high, less than 50 days before the expected date of the halving. Bitcoin has rallied more than 40% so far this year to roughly $62,600, and is now less than 10% off of its all-time high of $68,990, reached in November 2021.
This run-up is different from bitcoin’s historical pattern before halving, according to Martin Leinweber, digital-asset product strategist at MarketVector Indexes. Historically, bitcoin’s performance has been relatively muted in the two to three months before halving, Leinweber noted.
Meanwhile, the Bitcoin blockchain is more secure now than it has been during previous halvings, according to Adam Swick, chief growth officer at bitcoin-mining company Marathon Digital Holdings Inc.
MARA,
Bitcoin’s total hash rate, or the total computational power securing the blockchain, hit a record high of around 600 million terahashes per second in February, according to data from Blockchain.com.
That helps alleviate some concerns around the security of the Bitcoin blockchain after the halving, as some miners may be forced to go offline when the rewards they get are cut in half, noted Swick.
While halving is generally a boon for bitcoin’s value, the crypto’s price tends to be highly volatile while macroeconomic conditions are uncertain. That may apply in the current climate, as some investors are worried that progress in disinflation may stall, while it remains unclear when the Federal Reserve will start cutting interest rates.
Michael Novogratz, chief executive at crypto investment firm Galaxy Investment Partners, recently told Bloomberg TV that bitcoin may see “some corrections” to its price before rallying to new record highs.
Bitcoin halvings have historically been viewed as a bullish event for the cryptocurrency — and the upcoming one, expected in April, could benefit from an even more ideal setup than in previous cycles, according to crypto-market observers.
Halving is a mechanism written into the Bitcoin blockchain’s algorithm to control the coin’s supply, which has a cap of 21 million. At halvings, the reward for bitcoin mining is cut in half, meaning miners will receive 50% fewer bitcoins for verifying transactions.
Halvings are scheduled to happen after every 210,000 blocks that are mined — or about every four years — until the maximum supply of bitcoin is all released.
Bitcoin BTCUSD tends to see price appreciation in the months after halvings, according to historical data. The next halving is expected to happen on April 19, according to a projection by bitcoin investment platform Swan Bitcoin.
But this particular halving comes at the first time in bitcoin’s history where the cryptocurrency faces a confluence of factors impacting both its supply and demand side, according to Cosmo Jiang, portfolio manager at crypto asset manager Pantera Capital.
As halvings control bitcoin supply, bitcoin exchange-traded funds are bringing in “steady daily inflows” into the crypto from the demand side, Jiang said in a call. In January, the U.S. Securities Exchange and Commission approved 10 bitcoin ETFs for the first time in history.
Read: 5 ways bitcoin ETFs are already changing how crypto is traded
Increased institutional participation recently pushed bitcoin to a level near its record high, less than 50 days before the expected date of the halving. Bitcoin has rallied more than 40% so far this year to roughly $62,600, and is now less than 10% off of its all-time high of $68,990, reached in November 2021.
This run-up is different from bitcoin’s historical pattern before halving, according to Martin Leinweber, digital-asset product strategist at MarketVector Indexes. Historically, bitcoin’s performance has been relatively muted in the two to three months before halving, Leinweber noted.
Meanwhile, the Bitcoin blockchain is more secure now than it has been during previous halvings, according to Adam Swick, chief growth officer at bitcoin-mining company Marathon Digital Holdings Inc. MARA Bitcoin’s total hash rate, or the total computational power securing the blockchain, hit a record high of around 600 million terahashes per second in February, according to data from Blockchain.com.
That helps alleviate some concerns around the security of the Bitcoin blockchain after the halving, as some miners may be forced to go offline when the rewards they get are cut in half, noted Swick.
While halving is generally a boon for bitcoin’s value, the crypto’s price tends to be highly volatile while macroeconomic conditions are uncertain. That may apply in the current climate, as some investors are worried that progress in disinflation may stall , while it remains unclear when the Federal Reserve will start cutting interest rates.
Michael Novogratz, chief executive at crypto investment firm Galaxy Investment Partners, recently told Bloomberg TV that bitcoin may see “some corrections” to its price before rallying to new record highs.
JPMorgan Chase has discussed three main catalysts driving crypto prices over the coming months. The global investment bank’s analysts believe that the Bitcoin halving event and the next major upgrade of the Ethereum network are largely priced in. JPMorgan on Catalysts Affecting Crypto Prices Global investment bank JPMorgan Chase has provided its insights into three […]
Source link
In its latest annual report, Riot Platforms, the publicly-listed bitcoin mining firm, outlines several significant risks that could impact its operations, including troubles in the broader crypto economy, potential decreases in onchain transaction fees, and the anticipated bitcoin halving event in April 2024. The company emphasizes the halving event’s potential to reduce mining rewards as […]
Source link
In this interview with Jamie Elkaleh, Bitget Regional Growth & Country Manager, we delve into the dynamic landscape of the crypto market, examining the pivotal roles of Bitcoin Spot Exchange-Traded Funds (ETFs), the anticipated Bitcoin Halving in April 2024, and the current bullish market cycle. Jamie offers a comprehensive overview of Bitget’s impressive user growth, driven by innovative initiatives and a strong focus on inclusivity and user experience.
The conversation further explores Bitget’s strategic approach to catering to novice and experienced traders, unveiling upcoming features and developments poised to revolutionize the trading experience. Additionally, Jamie sheds light on Bitget’s commitment to transparency, security, and user education, ensuring a safe and informed trading environment amidst increasing regulatory scrutiny.
This interview promises valuable insights into the future of crypto trading and the strategic vision propelling Bitget’s growth and success.
Disclaimer: The following is a sponsored interview in partnership with Bitget.
What is your perspective on the current state of the crypto market, including the impact of the Bitcoin ETFs, the halving, and the ongoing bull market cycle?
The crypto market, especially Bitcoin, is experiencing a surge in optimism, driven by key developments such as the approval of Bitcoin Spot Exchange-Traded Funds (ETFs), the upcoming Bitcoin Halving in April 2024, and a bullish market cycle. The SEC’s approval of Bitcoin ETFs has attracted mainstream and institutional investors, boosting investment and market acceptance. Institutional involvement and the anticipated Bitcoin Halving, which historically leads to price increases due to reduced Bitcoin supply, are fueling market excitement.
Additionally, the rise in Bitcoin trading volumes and interest in decentralized finance (DeFi) and non-fungible tokens (NFTs) within the Bitcoin ecosystem are contributing to market liquidity and stability. However, despite a generally bullish outlook, investors are advised to exercise caution and consider broader economic and regulatory factors in their decisions.
Can you share insights into Bitget’s recent user growth and the initiatives that have contributed to this growth?
Bitget has experienced significant user growth due to a combination of improving user experience, introducing top-tier listings, and expanding its team to over 1,600 members during the bear market. Notably, Bitget’s derivatives trading volume surpassed market growth by 28%, with a 9.4% increase in spot trading volume, outperforming the market’s 2.6% growth. The platform has become a leader in copy trading, with copy traders generating over $15 million in profits from more than 2.2 million profitable trades. In January alone, Bitget attracted 4,400 elite traders and over 26,990 new followers.
Key to its growth has been initiatives like Blockchain4Her, dedicating $10 million to gender diversity and inclusivity in blockchain, Blockchain4Youth, investing $10 million to drive web3 adoption and strategic partnerships, such as the #MakeItCount 2024 campaign with Lionel Messi. Bitget’s commitment to social impact, alongside financial innovation, is evident in its efforts to bridge gender diversity gaps and in attracting banking sector professionals to the crypto industry. The addition of 52 new digital assets and leadership in copy trading further positions Bitget as a forward-looking platform, ready to serve a diverse and expanding global audience.
Bitget is known for enhancing the user experience. Could you elaborate on the consumer-centric features aimed at both novice and experienced traders, ensuring inclusivity?
Bitget has strategically positioned itself as a user-centric platform catering to both novice and experienced traders through a wide array of features designed to enhance the trading experience and ensure inclusivity. Here’s a detailed look at how Bitget achieves this through its consumer-centric features:
For Experienced Traders
For Novice Traders
Inclusive Features for All Users
What are the key focus areas in Bitget’s roadmap for the next year, and are there any new developments or features that users can look forward to?
GetScribe for Bitget Wallet: This is an innovative feature that marks Bitget Wallet as the first to offer a full-stack omnichain inscription management. GetScribe supports over 19 blockchains, including major ones like Bitcoin, Ethereum, Polygon, and Avalanche. It facilitates single and batch inscriptions, features an integrated inscription market leaderboard for real-time ranking lists and price fluctuations, and provides market competition data.
An upcoming launchpad function for BRC-20 tokens will give users early access to high-potential tokens, enhancing the wallet’s utility and attractiveness to users interested in emerging tokens.
The Bitget Token (BGB) has been a top performer. What factors have contributed to its success, and what role does it play in the Bitget ecosystem?
Bitget is committed to making cryptocurrency more accessible and integrating DeFi and CeFi on its platform. The BGB token, central to Bitget’s ecosystem, embodies a vision for a user-friendly and inclusive crypto space. BGB, serving as more than just a token, is key to a comprehensive Web3 ecosystem that supports cryptocurrency holdings, community tokens, NFTs, and decentralized apps.
Recently, BGB achieved a new all-time high (ATH) of $0.9, marking a 14.7% increase over the last 30 days and standing out as one of the best-performing CEX tokens.
Aimed at enhancing the trading experience, Bitget plans to delve deeper into copy trading and broaden the range of financial products and services offered. BGB holders benefit from exclusive privileges such as fee discounts, access to Launchpad and Launchpool services, and more, with plans to introduce additional features like a BGB lottery and zero withdrawal fees. Currently, 1.4 billion of the total 2 billion BGB tokens are in circulation, reflecting Bitget’s commitment to a risk-free, globally inclusive cryptocurrency ecosystem.
How does Bitget ensure transparent operations and prioritize safety for its users, especially in the context of increasing regulatory scrutiny?
Bitget ensures transparent operations and prioritizes user safety by maintaining a $422 million Protection Fund and implementing a Proof of Reserves system. The Protection Fund, comprised of 6,500 BTC and 137 million USDT, offers an extra security layer against cybersecurity threats. Additionally, Bitget guarantees 100% of users’ assets in reserves, verified monthly through cryptographic proofs and audits.
This Proof of Reserves process allows users to independently verify their assets, ensuring Bitget has sufficient reserves to cover all withdrawals. The platform’s commitment to transparency and integrity is further demonstrated by the publication of reserve ratios and the open-source proof of reserves code on GitHub. These measures provide a robust framework for protecting user assets and maintaining trust in the face of regulatory scrutiny.
As a popular exchange, how does Bitget’s infrastructure handle a vast influx of new users while ensuring stability and efficiency?
Bitget’s approach to handling the vast influx of new users while ensuring platform stability and efficiency is multifaceted, reflecting its commitment to providing a seamless trading experience for its users worldwide. With a workforce of over 1,600 employees spread across 60 countries and regions, Bitget leverages its global talent pool to maintain a robust and responsive infrastructure. This international team comprises professionals from various industries, bringing a wealth of knowledge and expertise to the platform.
In contrast to other exchanges that may reduce staff during bear markets, Bitget has strategically expanded its team during these periods. This expansion is not just about numbers; it’s about enhancing our capacity to address the needs of our growing user base effectively. The operations and support teams, available 24/7, are a crucial part of this strategy. They ensure that user queries are resolved promptly and any potential issues are addressed efficiently, contributing to the overall stability of the exchange.
This proactive approach to scaling its workforce reflects Bitget’s commitment to user satisfaction and platform reliability. By continuously growing and adapting to the needs of its users, Bitget ensures that it remains a stable and efficient platform for cryptocurrency trading, even as the number of users continues to rise.
In light of regulatory changes such as the ‘cooling-off’ rule, how is Bitget providing educational resources and market insights to help users navigate these developments?
In response to regulatory changes like the ‘cooling-off’ rule, Bitget is enhancing user education and providing market insights through several initiatives. Firstly, Bitget has adapted its platform to comply with the Financial Conduct Authority’s (FCA) new regulations by implementing the ‘cooling-off’ period, clear risk warnings, and creating a webpage tailored for UK users. This webpage restricts access to approved trading features and does not promote campaigns or offers to UK users, ensuring compliance with local regulations.
Moreover, Bitget collaborates with an FCA-approved third-party agency for all marketing approvals, ensuring that all promotional content meets regulatory standards. To further support its users, Bitget offers two key educational resources:
All these resources are free and easily accessible, demonstrating Bitget’s commitment to educating its users and helping them navigate the ever-evolving cryptocurrency landscape amidst regulatory changes.