Bitcoin Just RIPPED 20%.. Why it’s A TRAP (DANGER)
74Why is the price of Bitcoin going up? | Will the price of Bitcoin fall?
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Bitcoin Market Rally
The price of Bitcoin passed $26,000 this morning, a new high for 2023. The last time it was at this price was last year in June when the market was on its way down. But is this the bull run we were waiting for? Or just a temporary pump?
Bitcoin Halving is an event where the rewards paid out to Bitcoin miners for validating transactions gets cut in half. This event happens every time another 210,000 blocks are mined on the network, which ends up being roughly every 4 years. Ever since the launch of Bitcoin in 2009, there have been 3 Halving events. The first one occurred in November of 2012, the second one happened in July of 2016, and the last Halving took place in May of 2020. When Bitcoin was first introduced, the rewards sent out to miners started at 50 bitcoins per complete block. This has now been reduced to 6.25 per block as a result of all the halving events that occurred so far.
Following this pattern, the next Halving is expected to take place in 2024, where the reward will go further down to 3.125 Bitcoin per block. Despite a reduction in rewards, the Bitcoin supply will continue to grow until it reaches a max supply cap of 21 million, which is expected to be in the year 2140. The whole purpose of these halving events is to make Bitcoin more scarce overtime and control inflation. The idea is if the demand of Bitcoin remains the same or increases, then reducing how much Bitcoin is issued should drive up its value.
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📚 CHAPTERS:
0:00 - Intro
0:52 - Current Bitcoin Chart
1:11 - Is this a Bull Run?
1:40 - Why this isn't a bull run
1:50 - Bitcoin Halving Explained
2:50 - Why Bitcoin Halving is Relevant
3:48 - Historical Patterns of Bitcoin
4:42 - Wen Bull Run?
4:54 - Other impacts on market
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DISCLAIMER: All of the information presented is strictly for educational and entertainment purposes, nothing should be taken as legal or financial advice. The video content represents the opinions and experiences of the speaker (Summer). Investments in both crypto-related and real world assets pose a certain degree of risk and this content will never suggest or recommend any type of investments. Please do you own research and asses your personal situation before making any financial decisions.
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