© Reuters
NEW YORK – Bitcoin (BTC), the world’s leading cryptocurrency by market capitalization, reached another milestone by mining block number 817,062, worth $35,810. This achievement comes as the crypto community looks ahead to the next halving event scheduled for April 2024, which will reduce mining rewards from 6.35 BTC to 3.175 BTC per block.
Despite a weekly decline of 1.42%, BTC price held up today with a modest daily increase of 0.66%, trading at $36,612.18. The currency continues to maintain its dominance in the market, with a slight decrease in the dominance rate by 0.19% to stand at 51.45%.
Historically, the has experienced large price fluctuations around its halving events, which occur approximately every four years and reduce the rate at which miners generate new bitcoins. The halving mechanism is designed to create scarcity and potentially increase the value of the cryptocurrency over time. Previous lows seen during these periods include $176 on January 14, 2015, $3,185 in December 2018, and $15,758 in November 2022.
Investors and enthusiasts are carefully observing these patterns to prepare for the halving that will take place in April 2024. It is speculated that this event could impact the price dynamics of bitcoin, as has been the case in the past .
Crypto Tea, the source that reported Bitcoin’s latest milestone, concluded its article with a standard disclaimer. It emphasizes that the content provided should not be considered financial advice and encourages readers to exercise caution when engaging in cryptocurrency markets.
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