Coin Edition -
- Crypto users are bullish on Bitcoin halving to be a catalyst for a price boom.
- The halving is less than 100 days away and will slash block rewards by 50%.
- Bitcoin continues to hover in the $42K following consecutive declines since ETF launches.
Leading crypto industry research & analytics platform CryptoRank.io revealed that the majority of the users on the platform are bullish on Bitcoin halving. A vote conducted on the website showed that 79% of users are optimistic about Bitcoin halving, while 21% express bearish concerns.
The highly anticipated Bitcoin halving is a significant event that reduces the reward miners receive. With less than 100 days to go, the halving will slash the reward for mining blocks from 6.25 BTC to 3.125 BTC.
Data from CryptoRanks.io shows that the halving will happen once the total number of mined blocks hits 840,000. At present, the current block height stands at 825,987, with 14,013 left to be mined before the halving occurs.
Historically, the halving has been associated with bullish rallies in Bitcoin’s price. Since the last halving, which took place in 2020, Bitcoin’s price has increased by 401.1%, CryptoRank.io data shows. Widespread expectations are that the forthcoming halving will result in a similar price boom.
Despite the optimism, the bearish take about the Bitcoin halving reflects the pessimistic hangover that has followed last week’s spot Bitcoin ETF launches. Contrary to the bullish thesis shared by many market participants, Bitcoin’s price has shed much of its profit since the 11 ETFs were greenlighted by the US Securities and Exchange Commission (SEC).
At the time of press, Bitcoin is down 9.20% in the past seven days, CoinMarketCap data reveals. The consecutive declines came after the flagship cryptocurrency hit a high of $48K following the ETF approvals. Presently, Bitcoin is exchanging hands at $42,587 apiece.
The post Crypto Users Bullish on Bitcoin Halving with Less Than 100 Days to Go appeared first on Coin Edition.