Posted by Xoken.org – The price of Bitcoin (BTC) began to recover earlier this week by exceeding USD 65,000, managing to recover from the slump in trading last week where BTC had fallen to the level of USD 60,000.
On Tuesday (23/4/2024) at 08:00 WIB, the price of Bitcoin moved at USD 67,045, surging 3.45 percent in the last 24 hours and strengthening 5.50 percent in the last seven day period.
Meanwhile Ethereum (ETH) is perched at USD 3,218, experiencing an increase of 2.23 percent in the last 24 hours and strengthening 4.45 percent in the last seven day period. Meanwhile, the total market capitalization of crypto assets rose 3.15 percent in the last 24 hours to USD 2.393 trillion.
Previously, geopolitical tensions between Iran and Israel had caused Bitcoin prices to plummet below USD 61,000 on Friday (19/4/2024), the day before the Bitcoin halving. On the other hand, US spot bitcoin ETF trading experienced a net outflow for two consecutive weeks, where the period 15-19 April closed with a net outflow of USD 204 million.
The Bitcoin network recorded a spike in transaction fees prior to the halving as a result of the emergence of the Runes Protocol developed by Ordinals founder Casey Rodarmor.
4th Bitcoin Halving
The 4th Bitcoin halving event finally took place successfully on Saturday (20/4/2024) at 07:00 WIB. This time the halving occurred at block height 840,000 and when the halving occurred Bitcoin was around USD 64,000.
Financial Expert Ajaib Crypto Panji Yudha said the Bitcoin halving did not directly cause an instant spike in BTC prices. Bitcoin prices may move sideways or down for a while after the Halving, but this does not mean that the bull market has ended.
“The bullish potential will most likely continue a few months after the Halving, so that it can push BTC beyond the all time high of USD 73,000 and the alt season will occur again,” he said.
Total Bitcoin Supply
The total supply of Bitcoin (BTC) will only be 21 million BTC and currently 93.76 percent of BTC has been mined. Bitcoin halving refers to the halving of rewards for miners who successfully add new blocks to the Bitcoin (BTC) blockchain.
This Bitcoin halving means the reward for each new block is halved from 6.25 BTC to 3.125 BTC.
In the future, the Bitcoin halving event will continue until the last BTC is expected to be mined around 2140. After that, miners will only earn income from transaction fees.
Meanwhile, the Ethereum network reported strong revenue of USD 365 million in the first quarter of 2024 with revenue growth of 155 percent year on year (YoY). The main factor contributing to this substantial growth was the surge in decentralized finance (DeFi) activity during the quarter.
Stay tuned for US Economic Data
After being approved last week, the market is looking forward to the start of trading in the Bitcoin and Ethereum (ETH) ETF in Hong Kong, first expected to open in late April 2024.
On the other hand, the market will monitor the monetary policy of the United States (US), following the release of American GDP growth on Thursday (25/4/2024) as well as personal consumption expenditure (PCE) price index data on Friday (26/4/2024) which is the Fed’s price index.
Meanwhile next week, the Fed will hold another meeting (FOMC) on April 30 to May 1, and officials are now in a calm period ahead of the meeting.
“If GDP and PCE data are above expectations, it will likely encourage demand for USD because interest rates have the potential to remain high for a longer period. This could also trigger agen togel short-term pressure on Bitcoin,” said Panji.
“Conversely, data that matches or is lower than market expectations will most likely have the opposite impact, so that the Fed can immediately cut interest rates and Bitcoin can continue its short-term rally,” he concluded.