Bitcoin mining reward has been halved for the second time in its history.
According to Crypto.com CEO, Bitcoin halving would be a buy-the-rumour, sell-the-news event. In the short term, it could lead to price volatility but would be overall positive in the long term.
On Monday, the Bitcoin Fear and Greed Index went up from 72 to 74, moving into the Extreme Greed zone. This could mean a drop, but BTC spot ETF market flow data will be very important for figuring out short-term trends.
Recent reports suggest that BTC miners could face losses to the tune of $10 billion after Bitcoin halving 2024 as mining rewards drop and mining costs increase.
Paraguay’s dilemma comes as Bitcoin miners brace up for an all-important Bitcoin halving event 2024.
With Bitcoin halving 2024 around the corner, investors remain bullish on Bitcoin despite high inflation numbers. Analysts note that Bitcoin is gaining strong reputation as a hedge against inflation.
Bitcoin halving 2024 is less than 11 days away from happening amid heightened demand from institutional investors from all over the world.
As history shows, halving events have aligned with times when demand significantly exceeded the reduced supply, driving prices upward.
Historically, past Bitcoin halving events have proved to be bullish for the Bitcoin price, with analysts expecting a rally to $200,000.
Bitcoin Cash remains a long distance from its all-time high of $4,355 which it attained back in December 2017.
The report shows that the Singapore investors involved in cryptocurrency are becoming more clear and confident about their investment strategies.