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Saturday, May 18, 2024

Bitcoin fell 6.0% From The Previous Day, With The Halving Close By

Key Takeaways:

  • Bitcoin experienced a setback, falling to $65,500, marking a 6.18% decline from the previous day’s close.
  • Despite the setback, many Bitcoin enthusiasts remain optimistic about the cryptocurrency’s long-term prospects.

Despite the bitcoin halving event less than 20 days away, the world’s largest cryptocurrency has faced a setback. Bitcoin fell to $65,500 on Tuesday, marking a 6.18% decline from the previous day’s close.

The bitcoin halving, which occurs approximately every four years, is an event that reduces the reward miners receive for adding new blocks to the blockchain. This is designed to control the supply of bitcoin and maintain scarcity. In the past, halving events have often been correlated with higher bitcoin prices.

Bitcoin Halving Timeline. Source: https://www.coindesk.com/learn/bitcoin-halving-explained/

The recent drop could be due to investors taking profits after the cryptocurrency’s impressive run over the past few months. There’s also a possibility investors are uncertain about the future of the next halving.

Despite the setback, many Bitcoin enthusiasts remain optimistic. The upcoming halving is expected to further reduce the supply of new bitcoins entering circulation, which could potentially drive up demand and prices in the future.

The Federal Reserve recently announced that it would maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent, citing ongoing concerns about elevated inflation levels. The Fed’s stance surrounding the economic outlook could be contributing to the volatility in the crypto market.

Lazarus
Lazarushttps://ljlnews.com
Publisher and editor of LJLNews. I am a Stock Market enthusiast, with an interest for politics. I hope you enjoy reading the articles! Contact me at: Lazaruslucas@ljlnews.com

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