Bitcoin halving likely this week: Here’s what to expect
This technical event happens every four years. It is when the rewards for Bitcoin miners are cut in half.
This technical event happens every four years. It is when the rewards for Bitcoin miners are cut in half.
Amid the Iran-Israel war, the largest cryptocurrency – Bitcoin – slid 7.7 per cent marking the biggest such retreat since March 2023.
Bitcoin retreated from its record high of more than $73,000 as the market witnessed a selloff and higher-than-predicted US inflation data signalled that interest rates might stay high.
Amid the continuous rally, the cryptocurrency Bitcoin has climbed up the ranks to become the world's eighth most valuable asset by market capitalisation, surpassing silver.
Notably, since the spot bitcoin exchange-traded funds were approved in the US, the cryptocurrency is steadily rising.
Bitcoin rose as high as USD 50,328 on Monday in the US and was trading at USD 49,980 as of 7:40 am Tuesday in Singapore.
“Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto,” said Gary Gensler, the agency’s chairman.
In a significant development, the US securities regulator SEC approved the first US-listed exchange traded funds (ETFs) to track bitcoin
ETFs also known as exchange-traded funds, are baskets of securities that are traded on the stock market.
Also, reportedly, the Grayscale Investments, a leading crypto asset manager, is in talks with major financial institutions like JPMorgan and Goldman Sachs about their potential roles in Grayscale’s proposed Bitcoin ETF.
