$BTC Why has BTC and all other cryptocurrencies fallen? 📉
You might think it's just a regular drop, like when BTC couldn't break its resistance point. 🤔
But you're mistaken! The market's downturn is due to the Pre BTC Halving Effect… 💥
Let's check out some data: 📊
1st Bitcoin Halving:
📅 Date: November 28, 2012
🎁 Reward reduction: 50 BTC to 25 BTC
💰 Total Bitcoin supply: About 10.5 million
💲 Price 1 day before: Around $11 per BTC
2nd Bitcoin Halving:
📅 Date: July 9, 2016
🎁 Reward reduction: 25 BTC to 12.5 BTC
💰 Total Bitcoin supply: About 15.75 million
💲 Price 1 day before: Around $657 per BTC
3rd Bitcoin Halving:
📅 Date: May 11, 2020
🎁 Reward reduction: 12.5 BTC to 6.25 BTC
💰 Total Bitcoin supply: About 18.375 million
💲 Price 1 day before: Around $8,600 per BTC
4th Bitcoin Halving (Estimated):
📅 Date: April 19, 2024
🎁 Reward reduction: Expected from 6.25 BTC to 3.125 BTC
💰 Total Bitcoin supply (Estimated): About 19.6875 million
💲 Price 1 day before: Cannot be accurately predicted.
I know it's puzzling. Let me clarify.. 🤔
How Bitcoin really operates? 🤖
Well, Bitcoin didn't begin like current ETH-based coins where developers mint as many coins as they want and start airdropping. 🔨
BTC was programmed so that if you want BTC, you have to mine it. Even Bitcoin's founder mined Bitcoin and stored it in his wallet. 💼
The more blocks in the network, the more complex the mining process becomes. Basically, miners confirm all transactions. ⛏️
If you haven't read my post on Halving, I'd recommend you go and read all my posts. I use the simplest words to explain. 📚
The issue is, the founder knew that as technology evolves, mining will become easier. So more people will start mining Bitcoin, increasing market supply dramatically. 💡
So he decided to write a function that gradually halves rewards. Eventually, a point will come when the total supply will decrease instead of increase. And that point is 21 million Bitcoin, the max supply of Bitcoin in its lifetime. 🔢
