Glassnode, a cryptocurrency analytics platform, has successfully determined the approximate date for Bitcoin’s halving next year. They utilized a specific metric to make this calculation, providing insights into the upcoming significant event for the popular cryptocurrency.
Glassnode, a well-known data vendor in the cryptocurrency space, recently took to Twitter to announce that they have successfully calculated the time remaining until the next Bitcoin halving event, expected to occur in May-April 2024. This information provides the community with valuable insights into the upcoming milestone for the popular cryptocurrency.
Glassnode’s Calculation Points to Bitcoin Halving in April 2024
Glassnode, a prominent data vendor in the cryptocurrency realm, recently revealed a more refined estimate for the upcoming Bitcoin halving event scheduled for April 2024. While the cryptocurrency community had previously speculated on the likely month of the event, Glassnode’s calculations offer a more precise timeline.
According to Glassnode’s tweet, they utilized the Bitcoin average interval over a 14-day window to approximate the number of days left until the fourth Bitcoin halving. Their calculations indicate that the next reduction in Bitcoin miner rewards is approximately 130 days away, pinpointing the event to occur around April 23.
Considering the #Bitcoin average block interval over a 14-day window, we can approximate the number of days until the next halving event occurs.
Currently, the estimated time until the next halving is ~130 days away. pic.twitter.com/vo1eeWDPRa
— glassnode (@glassnode) December 15, 2023
Anticipation is high within the crypto community regarding the potential impact of the Bitcoin halving on its price. Historically, after each of the three previous halvings, Bitcoin has experienced significant growth. Following the most recent halving in 2020, the cryptocurrency’s value surged sixfold, reaching an all-time high of $65,000 in April 2021 and hitting $69,000 in October of the same year. The halving mechanism is an integral part of Bitcoin’s design, aiming to increase its deflationary nature by reducing the amount of newly minted Bitcoin every four years.
Factors Influencing Bitcoin’s Surge to $69,000
The surge of Bitcoin to $69,000 after the 2020 halving is attributed by many experts not only to the halving event but also to the monetary policies implemented by the U.S. Federal Reserve during the onset of the COVID-19 pandemic. In response to the economic challenges posed by the pandemic, the U.S. government initiated extensive money-printing, injecting over six trillion U.S. dollars into the economy. This injection took the form of “survival checks” distributed to households, as well as bailouts for banks and major corporations.
Another significant development in 2021 was Elon Musk’s announcement that Tesla had invested $1.5 billion in Bitcoin and added BTC to its balance sheet. Furthermore, Tesla declared that it would accept Bitcoin as payment for its electric vehicles. However, in a controversial move in April, Musk suspended Bitcoin payments, citing environmental concerns associated with Proof of Work (PoW) mining.
While Tesla initially held a substantial amount of Bitcoin, recent reports indicate that the company’s current Bitcoin holdings on its balance sheet are less than 10,000 BTC, as a considerable portion has been sold off.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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