According to U.Today, Bitcoin marked the 12th anniversary of its first halving event on November 28, 2012, when the block reward was reduced from 50 BTC to 25 BTC. This significant milestone in Bitcoin's history was highlighted by CoinGecko, a crypto ranking platform, as a pivotal moment for the cryptocurrency. The halving mechanism, embedded in Bitcoin's code by its creator Satoshi Nakamoto, is designed to occur every four years or every 210,000 blocks, continuing until the total supply of 21 million Bitcoins is reached. The next halving is anticipated in April 2028, which will further reduce the block reward to 1.5625 BTC.
The first halving was a crucial event for the Bitcoin network, which was still in its nascent stages with a small community of enthusiasts and miners. At the time, Bitcoin's price was approximately $12.20. Despite initial concerns about the impact on miners' revenue, the halving eventually contributed to a significant increase in Bitcoin's price, which surged above $1,000 by the end of 2013. The most recent halving occurred on April 19, 2024, reducing the block reward to 3.125 BTC. The final halving is projected to take place in 2140, when the maximum supply of 21 million Bitcoins is expected to be reached.
In recent trading sessions, Bitcoin's price has shown volatility, climbing towards the $100,000 mark after an earlier decline. The digital asset reached $97,386 on Wednesday, marking its highest gain in over two weeks, before falling to $95,612. On Thursday, it touched intraday highs of $96,676. Bitcoin came close to the historic $100,000 threshold on November 22, peaking at $99,728 before experiencing a decline over the following days. The cryptocurrency dropped to as low as $90,682 on Tuesday before rebounding. The early dip this week was partly due to profit-taking as the price neared a significant milestone, as well as broader macroeconomic concerns.
