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NEW YORK – Bitcoin (BTC), the world’s leading cryptocurrency by market capitalization, has marked a new milestone by mining block number 817,062, valued at $35,810. This achievement comes as the crypto community looks toward the next halving event expected in April 2024, which will reduce mining rewards from 6.35 BTC to 3.175 BTC per block.
Despite facing a weekly decline of 1.42%, BTC’s price showed resilience today with a modest daily increase of 0.66%, trading at $36,612.18. The currency continues to hold its dominant position in the market, experiencing a slight decrease in dominance rate by 0.19% to settle at 51.45%.
Historically, Bitcoin has seen significant price fluctuations around its halving events, which occur approximately every four years and reduce the rate at which new bitcoins are generated by miners. The halving mechanism is designed to create scarcity and potentially drive up the value of the cryptocurrency over time. Previous lows witnessed during these periods include $176 on January 14, 2015, $3,185 in December 2018, and $15,758 in November 2022.
Investors and enthusiasts are closely observing these patterns as they prepare for the upcoming halving in April 2024. It is speculated that this event might have an impact on Bitcoin’s price dynamics similar to past occurrences.
Crypto Tea, the source reporting on Bitcoin’s latest milestone, concluded its article with a standard advisory disclaimer. It emphasized that the content provided should not be considered financial advice and encouraged readers to exercise caution when engaging with cryptocurrency markets.