Google searches for ‘Bitcoin Halving’ have surged to a record high, surpassing the previous high set in May 2020 during the last halving event.
According to Google trends, the search term has a high score of 45 over time and at the current rate may end up reaching a peak score of 100 by the end of April 2024
Nigeria, the Netherlands, Switzerland, and Cyprus are currently showing the highest level of interest in the Bitcoin halving. South Africa and Kenya are also demonstrating significant interest in the event, though neither make the top ten.
Interest by RegionHalving events are closely watched by the cryptocurrency community as they can have significant effects on the supply and demand dynamics of Bitcoin, potentially influencing its price.
The price of Bitcoin (BTC) already buoyed by the approval of spot ETFS in January 2024, reached a new all-time-high of $73, 737.94 on March 14 2024. However, BTC now stands at just above $61, 000 per coin, having declined 13.2% over the last 7 days.
After the halving, which is anticipated to occur at 4:00 AM UTC on April 20 2024, Bitcoin miners will have their rewards cut in half from 6.25 BTC to 3.125 BTC for each block they process. According to analysts, the reduction in rewards is expected to necessitate comparatively less buying pressure to sustain prices, potentially leading to upward price movement due to increased demand.
EXPLAINER | The Most Anticipated Cryptocurrency Event of 2024, The #Bitcoin Halving, Explained
Through embedding a total supply and halving event directly into the Bitcoin code, the monetary system of Bitcoin becomes immutable and resistant to alteration.
This 'hard cap'… pic.twitter.com/cID1rPMS7J
— BitKE (@BitcoinKE) March 17, 2024
For example, at the most recent halving, which occurred on May 11, 2020, Bitcoin was priced at $8,500. But a year later, the coin experienced a bull run hitting a new ATH of $69,044 by November 2021.
Unlike previous halvings, Bitcoin is already on a bull run ahead of the 2024 halving, starting the year at a price of $42,200 and soaring 75% to reach a new all-time high of $73,737.94 on March 14 2024, according to CoinGecko.
Given this situation, some observers contend that the implications of Bitcoin’s halving may already be factored into its current price, given that the upcoming halving is widely anticipated and known within the cryptocurrency community.
REPORT | Bitcoin Evolving to Something Even More Significant Ahead of 2024 Halving, Says GrayScale
The report suggests that Bitcoin's market structure appears conducive to price appreciation after the halving event.
The anticipated reduction in rewards is expected to… pic.twitter.com/4ZaRnSrJDd
— BitKE (@BitcoinKE) March 16, 2024
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