After the fourth halving event in history, which took place tonight when miner ViaBTC added block 840,000 to the Bitcoin network, the cryptocurrency has now entered its fifth epoch.
In the lead-up to the scheduled event, the price of bitcoin traded between $65,000 and $64,000 today; it is currently just above $64,000.
The price of bitcoin has historically been significantly impacted by the halving of the coin, usually in the days that follow the event due to the drastic decrease in freshly issued supply.
The last three halvings—2012, 2016, and 2020—caused price rises of about 16% over the course of the next sixty days, albeit the halves in 2016 resulted in an overall decline during that period. In the upcoming weeks, investors will be keenly monitoring the market to see how the supply shock may affect demand. They will also be constantly monitoring the mining sector, because the event is expected to strike a $10 billion damage to cryptocurrency firms.
Up until the next bitcoin halving, which is presently anticipated to take place in 2028, the subsidy of freshly produced bitcoin delivered to successful miners with each new block will be 3.125 bitcoin, down from 6.25 bitcoin.
According to mempool.space, miner ViaBTC successfully mined the halving block. According to analyst projections, the smallest individual unit of bitcoin included in the first post-halving subsidy might have an individual value of at least $1 million.
After freshly realized institutional interest recently drove bitcoin to a record price of $73,770, the most recent halving of the cryptocurrency has taken place in the midst of a new era for both the top digital asset and the larger crypto market.
While the market has declined over the past seven days, most significant digital assets have increased in value in tandem with bitcoin during the past 24 hours.
