Posted by Xoken.org – The world’s largest cryptocurrency, Bitcoin, has completed its halving, a phenomenon that occurs approximately once every four years.
The news was revealed by CoinGecko, a cryptocurrency data and analysis company. Bitcoin steadied soon after, dropping 0.47% to US$63,747.
Meanwhile, based on monitoring by Business via Coin Market Cap data at 9.21 WIB, the price of Bitcoin is now at US$63,595.33.
The halving event itself is something that is highly anticipated by Bitcoin fans. A halving is a fundamental technological change to a cryptocurrency, designed to cut the rate at which new Bitcoins are created.
Head of global research at asset manager WisdomTree Chris Gannatti also called the halving event one of the biggest events in crypto this year.
Some crypto fans also pointed to the price rally that followed, as a sign that the next bitcoin halving could boost prices. However, in fact many analysts have a skeptical view.
“We do not expect a post-halving bitcoin price increase as it was already expected,” JP Morgan analysts wrote this week.
According to him, the price of bitcoin will decline after the halving because it is already overbought and venture capital funding for the crypto industry has “calmed down” this year.
A crypto analyst at S&P Global, Andrew O’Neill, said he was quite skeptical about the lessons that could be learned in terms of price predictions from previous halvings.
“That’s just one factor of many that can drive prices,” he explained.
For the record, Bitcoin has struggled for direction since its record high in March 2024 when it hit US$73,803.25.
However, the cryptocurrency has fallen in the past two weeks due to geopolitical tensions and expectations that central banks will keep interest rates on hold for a longer period of time.