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Bittime -The crypto market is being influenced bythe Bitcoin (BTC) rally which is almost touching the $64,000 mark. However, amidst this euphoria, shares of Bitcoin mining companies experienced a sharp decline of up to 27% in the last three days.
This decline in Bitcoin mining shares has sparked questions and speculation among investors. Senior analyst from Blockware Solutions, Mitchell Askew, provides his views. According to Askew, this decline was most likely caused by investors' concerns about Bitcoin's imminent halving event.
What Is Halving and Impact On Bitcoin (BTC) Mining Stocks?
Halving is the event of halving the reward that Bitcoin miners receive every time they successfully solve a new block. Currently, the reward for miners is 6.25 BTC, which is equivalent to about $586,800. After the halving, the reward will be cut to 3,125 BTC, equivalent to $293,400.
Askew sees that the decline in Bitcoin mining shares is nothing to worry about. He actually believes that this could be a "golden opportunity" to buy these shares at a lower price. He gave the example of two similar events in 2023, where the decline in Bitcoin mining shares was actually followed by a significant increase in prices.
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Bitcoin (BTC) Price Today
Source: Bittime
On March 1, 2024, based on today's Bittime market, the price of BTC was observed to have decreased by 1.05% in 24 hour trading, with the highest ATH reaching IDR 1,000,871,402 . Currently the price of BTC to IDR is IDR 961,106,167.
Also Read How to Buy Crypto:
Different Views from Investors About Bitcoin (BTC)
However, not all investors agree with Askew. Peter Schiff, a gold believer and crypto skeptic, questioned whether this decline in Bitcoin mining stocks is a “red flag” for Bitcoin's future.
A crypto trader named Chris, who previously invested in CleanSpark, one of the Bitcoin mining companies whose shares experienced a decline, admitted that he had changed his strategy.
"Things started to look uncertain, so I decided to leave," said Chris.
Impact of the Halving on Bitcoin (BTC) Miners in the United States
Jaran Mellerud, co-founder of Hashlabs Mining, predicts that the 3-4 month period after the halving, which is expected to occur on April 20, 2024, will be a crucial period for Bitcoin mining companies listed on United States exchanges. He is concerned that some mining companies with high operational costs may be forced to move to other countries to continue operating profitably.
However, Askew opposes this view. He believes that Bitcoin mining companies in the United States have their own advantages.
"[They] have some of the lowest energy costs and have prepared for reduced block subsidies by purchasing the latest generation of hardware," Askew explained.
Conclusion
The increase in BTC prices accompanied by a decrease in Bitcoin mining shares creates an interesting situation and gives rise to various views from experts. Investors need to pay attention to the latest developments, conduct in-depth research, and consider various perspectives before making investment decisions.
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How to Buy Bitcoin (BTC) on Bittime
You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR . To be able to buy BTC IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Bitcoin (BTC) on Bittime .
Monitor price chart movements for Bitcoin (BTC ) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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Why Did Bitcoin (BTC) Price Rise Today?
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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