Bitcoin Price Drops Again as Halving Inches Closer
A lot of people assumed the Bitcoin halving would force the price upwards. However, that will not necessarily be the case.
The upcoming Bitcoin halving has been a subject of great debate and excitement. While the block reward will be cut in half, the number of newly minted coins per day will decrease. Bitcoin miners, on the other hand, will earn less money, depending on how the Bitcoin price evolves. But so far, it seems like market movers are pushing the Bitcoin price down, rather than up.
Bitcoin Halving Does Not Deliver On The Hype
A lot of people assumed the Bitcoin halving would force the price upwards. However, that will not necessarily be the case. In fact, as we get closer to the block reward halving, the price of Bitcoin continues to dip even lower. This is not what most people had anticipated, although it is anybody’s guess as to why this is happening.
What the upcoming Bitcoin halving will do is reduce the number of new coins being introduced to the ecosystem on a daily basis. The current block reward is 25 BTC, which will be lowered to 12.5 BTC. However, the blocks will still be generated roughly every ten minutes, introducing roughly 75 Bitcoin per hour for the next few years.
This post was published at NewsBTC