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What the Bitcoin Halving Means, Exactly

The continued strength in Bitcoin (BTC-USD) continued this morning. Prices ripped higher by 11.2% to $56,959. Its strength indicates that demand is not weakening ahead of the halving event. In around two months (April 2024), the halving will cut the rewards per block by a significant 50%.

Logically, offering fewer rewards would hurt BTC prices. The opposite happened so far, in which the BTC-USD chart is upward. TradFi investors are piling into Bitcoin exchange-traded funds daily. The insatiable demand suggests that the market will easily absorb the newly issued supply.

By the time BTC supply dries up on strong demand, the Federal Reserve will cut interest rates in June. The lower interest rates would decrease the attractiveness of the U.S. dollar and increase BTC value.

Ultimately, Bitcoin’s strength requires continued retail demand. After the SEC approved the BTC ETF, buying volume did not weaken.

Bitcoin Halving History

The halving events occurred in 2012, 2016, and 2020. Each time, BTC prices barely reacted. It rose sharply after Nov. 28, 2012, while prices flattened after July 9, 2016, and May 11, 2020.

Your Takeaway

The stock performance of cryptocurrency-related stocks suggests that BTC is enjoying strong retail interest today. Stocks like Marathon Digital (MARA) and Coinbase (COIN) rose by 21.68% and 16.85%, on Monday, for example. It has the momentum to continue holding the $54,000 level at the very least.