This is a big week for Bitcoin. It’s about to go through a process called the “halving” where the number of new bitcoins entering circulation every 10 minutes will drop by half from 12.5 to 6.25.
This rare Bitcoin event happens every four years, like a crypto Olympics. If the demand for Bitcoin remains the same, and the supply is immediately reduced by half, that’s going to change the value pretty quick.🤔
If you’re keen to toss a coin in for the halving, we’ve seen some neat crypto launches on PH:
let’s you invest your spare change in Bitcoin to earn interest.
, the stock trading app we all know, also supports BTC trading. It has a fee-free cryptocurrency exchange.
unlocks Bitcoin that you can earn while you shop online.
This is actually the third time that the halving will take place, and by design there is no central authority on Bitcoin that’s triggering the event. In the past after the halving, the bitcoin price started to rise steadily over the following 12 or so months. Right now, global finances are incredibly hard to predict and the crypto market has matured, so we’ll be watching closely to see how this one unfolds.
On Friday the price had shot up by 6.24% in anticipation of the halving. “The entire market capitalization or value of the cryptocurrency market had jumped by more than $13 billion from the day before, as of around 1:39 p.m. Singapore time. That move had been largely driven by bitcoin which makes up most of that figure. The value of the entire market stood at $268.07 billion,”
Since then, the price has been fluctuating wildly over the weekend, with the value trending down due to a new dumping of Bitcoin holdings. The major trading app Coinbase
had an outage this weekend as the value of Bitcoin shot down 10% in 30 minutes as reported by Coindesk
If you’re still entirely confused about Bitcoin, you’re not alone. Here’s a visual demo
of how transactions actually work.