What's happening at the fourth Bitcoin halving event?
On April 20, 2024, at 10:00 Vietnam time, the fourth Bitcoin halving event occurred. This is the fourth time the Bitcoin network has reduced the reward for miners by half, from 6.25 to 3,125 Bitcoins, after the 840,000th block was mined.
Bitcoin halving is part of the programming structure of the Bitcoin network, intended to control its growth rate and prevent inflation. After every 210,000 blocks mined, the reward for miners will be halved. This is called Bitcoin halving and happens every four years. This process creates scarcity and removes unproductive miners from the Bitcoin network.
Ahead of the halving, Bitcoin prices experienced major fluctuations, falling from $70,000 to $67,000 a week earlier. On April 19, the price even dropped below 60,000 USD before rising to 63,000 USD on the morning of April 20. Over the past 24 hours, Bitcoin price has increased by about 1.16%.
However, although some post-halving developments can be predicted based on experience from previous halvings, the market is currently witnessing many unpredictable fluctuations. Some experts emphasize that it is impossible to accurately predict the future price of Bitcoin due to many factors such as conflicts and inflation that can affect the market.
Despite these fluctuations, the cryptocurrency community remains optimistic about the impact of Bitcoin halving. Some investors, like billionaire Tim Draper, believe that this event will push the price of Bitcoin up by $25,000. However, there are also concerns about the negative impact of Bitcoin halving 2024.