Reserve

Based

Bitcoin

April

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin’s value has declined due to a variety of macroeconomic factors including rate-cut expectations and a strong U.S. Dollar Index.</li> 
 <li>The upcoming bitcoin halving event might impact the digital asset’s value.</li> 
</ul>  
<p>The price of <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/">Bitcoin</a> has experienced a downward trend due to a combination of macroeconomic factors. </p> 
<p>These include diminished expectations of a rate cut, a stronger U.S. Dollar Index, and geopolitical tensions. </p> 
<p>Over the past day, Bitcoin’s market value has decreased by more than 3% and is currently trading at $61,471. </p> 
<h2 id="macroeconomic-factors-impacting-bitcoin">Macroeconomic Factors Impacting Bitcoin</h2> 
<p> Bitcoin’s price drop began after remarks from U.S. Federal Reserve chair Jerome Powell. </p> 
<p>He indicated that interest rates would probably stay high for an extended period. </p> 
<p>In a forum in Washington, Powell stated that the U.S. central bank is unlikely to achieve its 2% inflation target in the near future. </p> 
<p>This could have affected investor enthusiasm for spot bitcoin exchange-traded funds. </p> 
<p>The U.S. Dollar Index, which gauges the dollar’s performance against other major currencies, has risen 4.38% since January, reaching a six-month peak. </p> 
<p>This is its most significant five-day rally since February 2023. </p> 
<h2 id="bitcoin-s-upcoming-halving-event">Bitcoin’s Upcoming Halving Event</h2> 
<p> Every four years, a mechanism built into the Bitcoin blockchain halves the block reward miners receive. </p> 
<p>This means each new block of bitcoin mined approximately every ten minutes will yield 3.125 BTC, a reduction from the current 6.25 BTC block reward. </p> 
<p>Based on current estimates, the halving will happen on April 20, 2024, at 03:48 UK time, once the network reaches a block height of 840000. </p> 
<p>Historically, many of Bitcoin’s gains have occurred 12 to 18 months after a halving. </p> 
<p>For example, at the time of 2020’s halving, one bitcoin was worth less than $10,000. By the peak in 2022, prices had soared to more than $67,000. </p>

Bitcoin Faces Economic Challenges Ahead of Upcoming Halving Event

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