INSUBCONTINENT EXCLUSIVE:
As Bitcoin approached its much-anticipated halving event, its value saw a dramatic decline.On Friday afternoon, Bitcoin plummeted from a
peak of $71,000 earlier in the day to a low of $65,100 around 3:40 PM on the Binance exchange, marking an 8% decrease.The digital currency
slightly recovered to $65,900, but still recorded a 2.45% loss over the week.The halving, slated for approximately 3:30 PM on Sunday as per
(Photo Internet reproduction)This particular halving occurs amid significant outflows from United States spot ETFs and changes in United
States monetary policy, which have dampened hopes for an interest rate cut in June.Additionally, escalating geopolitical tensions, notably
between Israel and Iran, have pushed investors towards safer assets like gold and the United States dollar, impacting Bitcoin and other
cryptocurrencies.This shift was noted by Beto Fernandes from Foxbit, pointing out the impact of such discord on market
dynamics.Concurrently, last Wednesday, Bitcoin mining difficulty reached a record high of 86.3 trillion points.This indicates increased
competition among miners as they rush to accumulate rewards before they decrease post-halving.Bitcoin Halving: Miners Adapt to Changing
RewardsThe current mining reward of 6.25 bitcoins per block will soon drop to about 3.125 bitcoins.Data from Wintermute shows a significant
shift in miner behavior, with Bitcoin reserves at their lowest since 2021.This contrasts sharply with behaviors observed before the 2020
equipment and expanding operations to mitigate potential revenue losses from the halving.This strategic adaptation aims to maintain
profitability in the evolving cryptocurrency landscape.
