Bitcoin Halving Happened Before April?

Bittime - The crypto world is currently abuzz with discussions about the Bitcoin Halving , an important event whose schedule is now predicted to occur sooner than previously thought. This has attracted the attention of investors and crypto activists, including in Indonesia.

Bitcoin Halving 4/20 Memes and Mid-April Realities

Previously, there was speculation that the Bitcoin Halving would take place on April 20, 2024 (4/20) - a popular date among marijuana fans. This speculation is based on the desire to align the Halving celebration with that day. However, this prediction must now be changed.

The surge in investor interest in Bitcoin ETF (Exchange Traded Fund) and the Bitcoin price rally that occurred some time ago, have caused the estimated Halving date to be faster, namely around mid-April 2024.

This news may disappoint some who were hoping for a coincidence on 4/20. However, on the other hand, this schedule shift is actually a positive indicator that reflects traders' optimism.

Check Today's Crypto Market:

Reasons Bitcoin Halving Happened Faster Than Expected!

Why does the Halving schedule change? This is related to the Bitcoin network mechanism which has limited block space. Unlike predictions based on dates, Bitcoin Halving is actually scheduled based on achieving a certain block height.

Currently, the Bitcoin network has reached block height 834,194 (as of March 12, 2024). Bitcoin Halving is expected to occur after the network processes the transaction recorded on the 840,000th block.

Each block in the Bitcoin network has the capacity to accommodate approximately 2,700 transactions. This means that when there is a significant increase in transaction activity, such as when prices reach record highs, sudden post-rally corrections, major crypto exchange crashes, or consecutive price spikes, the network will face a surge in transactions that need to be processed.

As an illustration, according to CoinGecko data, the average daily volume of Bitcoin transactions through February 14, 2024 was $24 billion. The highest transaction volume was recorded on January 11, 2024, at approximately $52 billion, coinciding with the start of trading of 10 spot Bitcoin ETF filings in the United States.

After that, transaction volume decreased due to selling pressure triggered by the withdrawal of funds from the Grayscale Bitcoin Trust (GBTC). In the Bitcoin-backed ETF scheme, when investors redeem their holdings, the ETF issuer will return the cash and sell the Bitcoin that is the underlying asset.

JP Morgan analyst Nikolaos Panigirtzoglou estimates that by the end of January 2024, withdrawals from GBTC have reached $4.3 billion since the conversion process to a spot Bitcoin ETF.

However, since mid-February 2024, the average daily volume of Bitcoin transactions has increased again to $40 billion. In fact, if you look at the daily average since early March 2024, when Bitcoin started moving towards its highest record since 2021, the figure is $52 billion. The largest spike in daily transaction volume occurred on Wednesday, March 6, 2024, the day after news of Bitcoin's record high. On that day, the value of Bitcoin transactions changing hands almost reached $1 trillion.

Bitcoin Halving Impact: Reduced Supply, Potential Price Increase?

Bitcoin Halving is an event scheduled to occur every 210,000 blocks (about once every 4 years) on the Bitcoin network. In this event, the reward given to Bitcoin miners for each successfully verified block will be cut in half.

Currently, the Bitcoin mining reward is 6.25 BTC per block. After the Halving, the reward will decrease to 3,125 BTC per block.

This decrease in mining rewards has the effect of reducing the supply of new Bitcoins in circulation. With constant or even increasing demand, this event has the potential to drive Bitcoin prices higher.

However, it should be noted that the relationship between Halving and price increases is not a sure thing. Several other factors such as government regulations, global market sentiment, and blockchain technology innovation also influence Bitcoin price movements.

Bitcoin Price BTC/IDR Today

Source: Bittime.com

On March 12 2024, the price of Bitcoin BTC/IDR was at IDR 1,132,973,840 per coin, up 1.16% in 24 hours. 

Also Read How to Buy Crypto:

Opportunities and Challenges Post Bitcoin Halving

Opportunities For Investors:

• Potential Price Increase: As mentioned previously, the reduction in the supply of new Bitcoin due to the Halving has the potential to trigger a price increase. Investors who have accumulated Bitcoin before the Halving may enjoy profits if the price increases.
• Increased Institutional Interest: Along with the potential for price increases and network stability that is increasingly maintained post-Halving, institutional investor interest in Bitcoin is predicted to increase. This could lead to increased liquidity and wider adoption of Bitcoin.
• Portfolio Diversification: Bitcoin can be an attractive investment instrument for portfolio diversification. This crypto asset offers unique characteristics, such as being unaffected by monetary policy and inflation.

Also Read: CryptoPunk Sells for $16 Million: The Era of NFT Markets is Back?

Challenges to Watch Out for:

• Price Volatility: Despite the potential for long-term increases, Bitcoin prices are known for their high volatility. Sharp price fluctuations can be detrimental to investors, especially those who are unfamiliar with the volatility of the crypto market.
• Strict Regulation: As Bitcoin's popularity increases, regulations from various countries' governments regarding crypto assets are becoming increasingly strict. Regulations that are too strict can hinder the growth of the crypto ecosystem and have a negative impact on the price of Bitcoin.
• Domination of Big Miners: The Bitcoin mining process is increasingly centralized in the hands of large mining companies. This raises concerns about the centralization of the Bitcoin network and potential price manipulation.

Conclusion

Bitcoin Halving is an important event that has a significant impact on the future of Bitcoin. Crypto investors and business people in Indonesia need to carefully consider the opportunities and challenges that accompany this event. With careful preparation and the right investment strategy, Bitcoin Halving has the potential to be a catalyst for wider growth and adoption of Bitcoin in Indonesia.

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 of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

BTC (Bitcoin) Price Soars 10%, Best Daily Achievement Since October 2023

Buy ETH: Large Transaction of 97,276 ETH Creates a commotion in the Crypto Community

Buy USDT: The Stablecoin That Reaches $100 Billion Market Cap

DISCLAIMER: This article is informational in nature and is not an offer or solicitation 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.