Bull Market

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One of the most anticipated events of the cryptocurrency industry, <a href="https://coingape.com/halving/bitcoin-halving/" rel="noopener noreferrer nofollow">Bitcoin halving</a>, has finally been completed. The crypto industry has waited four years for this event, making it the most trending topic on social media, with more than 109K posts on X alone.
The Bitcoin halving happens according to the validations of 210,000 blocks. In this 4th halving event, that target was finally achieved last night. The <a href="https://coingape.com/blog/bitcoin-halving-history-chart-analysed/" rel="noopener noreferrer nofollow">bitcoin halving history</a> has always been exciting as the first Bitcoin halving happened&nbsp;on 28 November 2012, the second finished on 9 July 2016, and&nbsp;the third on 11th May. Finally, the fourth took place on 19 May 2024.
As a result of this BTC halving, 3.125 BTC is the new <a href="https://coingape.com/education/what-is-bitcoin-mining/" rel="noopener noreferrer nofollow">Bitcoin mining</a> reward after its previous amount of 6.25. But that is not all that happened that day, as a few other events transpired.
In this blog, let us discuss the highlights of the Bitcoin Halving 2024.
<h2 id="bitcoin-halving-highlights">Bitcoin Halving Highlights</h2>
Bitcoin Halving began around 8:09 p.m. Eastern time zones (5:39 a.m IST) this Friday, instantly implementing the <a href="https://coingape.com/6-facts-to-know-about-bitcoin-first-cryptocurrency-in-the-world/" rel="noopener noreferrer nofollow">reward</a> output of 3.125 BTCs every 10 minutes. The halving block was the 840,000th block of the <a href="https://coingape.com/bitcoin-hits-ath-block-size-of-3-97mb-as-price-consolidates/" rel="noopener noreferrer nofollow">Bitcoin network</a>, mined by ViaBTC. With that single validation, the ViaBTC miner gained above 40 Bitcoin in rewards, equivalent to a $2.6 Million value.
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 The <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> halving is complete!
 Miners now receive 3.125 Bitcoin per block that's produced.
 Bitcoin Block 840,000 PAID 3 MILLION DOLLARS in fees to the miner who produced it <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f92f.png" alt="🤯" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f92f.png" alt="🤯" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f92f.png" alt="🤯" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/DLDYu7VuCN" rel="noopener noreferrer nofollow">pic.twitter.com/DLDYu7VuCN</a>
 — Rajat Soni, CFA (@rajatsonifnance) <a href="https://twitter.com/rajatsonifnance/status/1781476531887349763?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 20, 2024</a>
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This&nbsp;huge reward resulted from&nbsp;the block subsidy and transaction fees, which are surprisingly much higher than the previous block validation.
Right before the halving block, the previous miner only received&nbsp;7&nbsp;bitcoins as the reward worth around $450,000 for their block validation. Though the exact reasons for this were not clear why this happened but is anticipated that the investors were eager for their BTC transactions at that time.
Also Read: <a href="https://coingape.com/blog/bitcoin-price-is-btc-price-next-move-50k-or-70k/" rel="noopener noreferrer nofollow">Is BTC Price Next Move 50K or 70K?</a>
In the early days of Bitcoin, 50 BTC used to&nbsp;be rewarded for validation, which has continually dropped with each event. In the first halving, the reward price dropped to 25, 12.5 in the second, 6.25 in the third event, and 3.125 BTC in the fourth.
The next Bitcoin halving will happen in 2028, and the BTC reward will reach the 1.5625 mark.
<h3 id="how-bitcoin-halving-impacted-the-bitcoin-price">How Bitcoin Halving Impacted The Bitcoin price</h3>
At the time of Bitcoin halving, Bitcoin price was hovering around $65,000 and has declined slightly since that moment. At the time of writing, it is $64,100.13 with a market cap of $1,261,748,221,656, which is comparatively lower than the previous day’s price.
Crypto analysts believe that price might continue to <a href="https://coingape.com/trending/3-signs-of-crypto-market-crash-after-bitcoin-halving/" rel="noopener noreferrer nofollow">decline</a> for the next few days. It is because the miners could initiate a selling spring to recover their losses with the reward slicing.
Also Read: <a href="https://coingape.com/trending/trader-turned-100-crypto-investment-into-8-3-million-in-a-week-heres-how-he-did-it/" rel="noopener noreferrer nofollow">Trader Turned $100 Crypto Investment Into $8.3 Million In A Week; Here’s How He Did It</a>
Hereby, no change has happened in <a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin price</a> during and after it. However, all the previous halving has confirmed a price surge or a possible bull in the crypto market. Based on those stats, a price might surge around September-October, initiating a bull run next year. The past records says a bull run to start 518-546 days after the halving.
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 <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a>
 When Could Bitcoin Peak In This Bull Market?
 Historically, Bitcoin has peaked in its Bull Market 518-546 days after the Halving (Chart 1)
 This is how typical Bitcoin Halving Cycles have progressed
 So if history repeats…
 Next Bull Market peak may occur 518-546 days… <a href="https://t.co/QXZUS7ZyjU" rel="noopener noreferrer nofollow">pic.twitter.com/QXZUS7ZyjU</a>
 — Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1781281813815550399?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 19, 2024</a>
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Bitcoin is still trading at a profiting price and has surged more than 120% in a year interval. And the fintech giants like <a href="https://coingape.com/trending/bitcoin-price-rally-to-100k-after-btc-halving-said-bitwise-ceo-and-more/" rel="noopener noreferrer nofollow">Bitwise CEO</a> have predicted that Bitcoin price to above the $100K mark before the end of the year.
<h2 id="conclusion">Conclusion</h2>
More than the day of Bitcoin halving, investors have waited for a <a href="https://coingape.com/glossary/bull-market/" rel="noopener noreferrer nofollow">bullish market</a> condition, but that will take a few months to a year time gap to happen. For now, the halving event has not impacted the crypto market and Bitcoin price&nbsp;in any way.
It has to see what will happen in the next few months. And how this halving and <a href="https://coingape.com/education/bitcoin-spot-etf/" rel="noopener noreferrer nofollow">Bitcoin Spot ETF</a> will push the cryptocurrency market.
The post <a href="https://coingape.com/trending/bitcoin-halving-highlights-2024-the-halving-block-rewarded-validator-with-2-6m/" rel="noopener noreferrer nofollow">Bitcoin Halving Highlights&nbsp;2024;&nbsp;The Halving Block Rewarded Validator With $2.6M</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin Halving Highlights 2024; The Halving Block Rewarded Validator With $2.6M

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