News list for "Halving event"
James Check, principal analyst at Glassnode, said the Bitcoin market cycle was not anchored to the halving event, as is commonly believed, but was driven by other factors, such as bull and bear cycles. "In my opinion, Bitcoin has gone through three cycles, but they are not centered around halving," Check said on Wednesday, referring to the blockchain's cut in mining rewards every four years...
Wall Street bank JPMorgan Chase released a report revealing that the profitability of bitcoin miners hit the highest level since the last halving event in July, with daily block reward revenue averaging $57,400/EH/s, an increase of 4% from June. In terms of stock performance, ten of the US-listed miners outperformed bitcoin in July. Argo Blockchain (ARBK) performed well, rising 66%, while Core Scientific (CORZ) underperformed, falling 21%.
The data shows that following the block reward halving event on April 20, the revenue earned by bitcoin miners per TH/s (7-day MA) has hit a record low in the past two months. In addition to the halving, another possible reason for the decrease in miner income is the low number of new wallets entering the bitcoin ecosystem, which is currently at its lowest level since 2018 (7-day MA). It is worth mentioning that mining company CleanSpark is still performing well, and its share price has outperfo...
For the first time since the halving event in April, Bitcoin's blockchain bandwidth usage exceeded 90%. The increase in bandwidth usage after the halving is mainly attributed to the adoption of new token standards, including Runes and BRC-20. Dune Analytics data shows a significant increase in transactions involving these two token standards, especially on April 23, Runes transactions exceeded 750,000.
Rekt Capital, an anonymous cryptocurrency trader, posted an update to the Bitcoin market cycle chart on X, declaring that the "danger zone" when assets corrected after the halving event is now over. Rekt added that Bitcoin is celebrating a good rebound from the low support level of the re-accumulation range. In previous market cycles, the "danger zone" period before and after the halving has occurred, when assets retreated on both sides of the halving event.
Peter Schiff, a long-time Bitcoin sceptic and gold proponent, warned that the halving would not necessarily lead to the long-awaited price increase. The halving event may ultimately fail to deliver the expected gains, causing Bitcoin holders' net worth to be "halved", meaning the price fell.
It is predicted that the quadrennial halving of Bitcoin will occur in 10 days
"Although the macro outlook and potential timing of interest rate cuts are still uncertain, the upcoming halving event may bring more benefits to Bitcoin ETFs," said Michael Graham, an analyst at broker Canaccord
