Satoshi

Bitcoin

The highly anticipated Bitcoin halving event seems to be holding the crypto market together and an increased volatility shows that. Amidst high hopes, <a href="https://news.todayq.com/bitcoin-makes-strong-comeback-after-dipping-below-60k/">Bitcoin price</a> briefly crossed the $65,000 mark on but after dipping below the $60,000 level. However, the same kind of down and up was mirrored in other cryptocurrencies. Bitcoin halving to lead bull run? 
The halving’s impact on the crypto market still remains a major topic of debate. If we backtrack a bit, previous cycles have seen bull runs following the completion of the event. Bitcoin has recorded high price rallies after prior halvings in 2012, 2016, and 2020. Crypto enthusiasts expect a similar price boost this time, but many analysts remain skeptical. 
After witnessing high selling pressure over the past few weeks, Bitcoin printed red indexes. Some external events, such as geopolitical tensions like Iran’s recent drone and missile attack on Israel have added to this pressure. However, the positive momentum among the traders has allowed BTC to recover in speedy action. 
Bitcoin price jumped by over 4% in the last 24 hours after dropping below the $60K mark. The last 7 days have proved to be not so good for BTC as its price declined by more than 8% in this period. The biggest crypto price fell from over $70k to under $60k in a span of just 8 days. 
BTC is trading at an average price of $65,012, at the press time. Its 24 hour trading volume is up by 15% to stand at $50.4 billion. Its market cap stands at $1.2 billion. Miners’ sell off 
This volatile trading precedes the halving, a phase where miners typically reduce selling pressure, capitalizing on higher revenues before the reward reduction. Data suggests that miners have already executed a heavy selling. This benefited the market in the short term. 
The halving occurs approximately every four years and was added to Bitcoin’s code by its pseudonymous creator, Satoshi Nakamoto. This was done as a mechanism to limit the supply of bitcoins. 
The halving functions by reducing the rewards for miners that they receive for creating new tokens. It effectively increases the cost of producing new bitcoins. Meanwhile, this event follows Bitcoin’s recent price surge to an all-time high of $73,803.25 in March. 
It is important to note that this rally was fueled by optimism that emerged due to the US Securities and Exchange Commission’s (SEC) approval of spot bitcoin exchange-traded funds in January.

Is Bitcoin’s $65K hike from recent dump a sign of upcoming Bull run?

Todayq News

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