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With the next Bitcoin halving event around the corner, which is about to happen in April 2024, the crypto market is gaining traction. Bitcoin halving, which happens around every four years, is more than about Bitcoin, as it stirs the entire crypto market space.
Investors speculate on the market dynamics during the halving event and try to leverage the event to their advantage. Many investors tend to buy Bitcoins and use them as a hedge against inflation during the halving event.
Now, let’s see what to expect in the upcoming Bitcoin halving 2024.
What do you need to know about Bitcoin Halving 2024?The Bitcoin halving event has always been significant as it impacts the entire crypto space. Not only did Bitcoin prices surge after the past halving events, but also the altcoin prices. The logic behind the market speculation surrounding the halving event is the Bitcoin scarcity and its impact on the crypto space.
Simply put, since Bitcoin rewards are reduced after Bitcoin halves, impacting the new Bitcoin supply in the market, it increases demand. The gap between the supply and demand, in turn, increases Bitcoin’s price. Conversely, it increases the altcoin’s price as well, and many investors opt for altcoins like Ethereum Classic, Dogecoin, etc, due to higher Bitcoin prices.
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