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Bitcoin Halving Successful, Miner Rewards Reduced By Half
The fourth Bitcoin Halving event is finally complete. The block reward for miners has officially decreased from 6.25 BTC to 3.125 BTC/block.
The fourth Bitcoin Halving event is finally complete. The block reward for miners has officially decreased from 6.25 BTC to 3.125 BTC/block.
At 07:10 AM on April 20, 2024 (Vietnam time), Bitcoin completed the 4th Halving at block number 840,000, mined by ViaBTC mining pool.
OKLink shows that Bitcoin completed its fourth halving at block height 840,000 at on April 20 UTC+8. Bitcoin price at $63,000 at halving. After the halving, the BTC block reward was reduced from 6.25 BTC to 3,125 BTC. Block 840,000 mined by ViaBTC. https://t.co/cKHAD9IyAK
— Wu Blockchain (@WuBlockchain) April 20, 2024
Although the reward in this block has been divided in half from 6.25 BTC to only 3,125 BTC, block 840,000 still recorded a fee paid to miners of more than 37 BTC, worth more than 2.4 million USD, shows that a large part of the community wants their transactions to be included in this historic block, as well as to keep up with the Runes Protocol trend .
37,626 BTC in fees
https://t.co/muBdeHrCyg pic.twitter.com/vGAWkH1qIa
— mononaut (tx/acc) (@mononautical) April 20, 2024
Information about Bitcoin's block 840,000 - marking the 4th halving in BTC history. Source: Blockchain.com
As explained by Coin68 , Halving is BTC's deflationary mechanism, designed to divide the amount of new coins produced in half as block mining rewards after every 120,000 block cycle, or once every 4 years. It is designed to ensure a long Bitcoin production period, so that the maximum total supply of 21 million BTC is only reached in 2140.
Since Bitcoin was born in 2009, this currency has undergone three Halvings in 2012, 2016 and 2020.
With this Halving, the block reward has decreased from 6.25 BTC to 3,125 BTC . Halving events will continue until the last Bitcoin is expected to be mined around 2140. After that, miners will only earn from transaction fees.
The next halving event is expected to take place between February and April 2028.
Bitcoin price experienced a sudden increase and decrease on April 19. After dumping to 59,600 USD in the morning due to information that Israel launched missiles to retaliate against Iran , the world's largest cryptocurrency by evening recovered strongly to the area of 65,000 USD. However, at the time of halving, BTC stabilized around 63,500 USD.
But Halving has more impact on prices in the long term than in the short term. According to historical data, after Halving, BTC price will begin to enter a growth cycle and set a new peak, pulling the entire cryptocurrency market up. Then there will be a strong correction.
The entry price for this order is very attractive as some analysts believe that ONDO's reasonable price is in the range of 0.4-0.7 USD. With a significant investment beyond the expected scope, Lookonchain suspected the whale had an insider.
Someone created a new wallet 27 hours ago and withdrew 1,870.68 $ETH ($5.7M) from #Gemini .
Then he spent the 1,870 $ETH ($5.7M) to buy 6M $ONDO at an average price of $0.95 in the past 27 hours.
Does this guy know something that we don't? https://t.co/3ZQ6s6SnVM pic.twitter.com/G1udIF8Mhw
— Lookonchain (@lookonchain) May 17, 2024
This transaction attracted the attention of the crypto community and ONDO, the native token of Ondo Finance, skyrocketed 11% immediately after the purchase.
However, ONDO has dropped after the latest bounce and is trading below the $1 threshold at the time of writing. However, ONDO is still increasing by more than 19% over the past week.
Crypto analyst Mags commented on the price movement, sharing analysis on the next price target for ONDO.
“If the price closes above 1 USD, the next target will be 1.4 USD and 2.7 USD or more.”
$ONDO keeps printing up +131%
$1.5 Incoming, Binance listing soon 👀 https://t.co/bF8lznNDOP pic.twitter.com/5v95S4aZvn
— Mags (@thescalpingpro) March 25, 2024
A whale created a new wallet on May 16 and withdrew 1,870.68 ETH (worth $5.7 million) from the Gemini cryptocurrency exchange to buy 6 million ONDO tokens at an average price of 0, 95 USD.
The entry price for this order is very attractive as some analysts believe that ONDO's reasonable price is in the range of 0.4-0.7 USD. With a significant investment beyond the expected scope, Lookonchain suspected the whale had an insider.
Someone created a new wallet 27 hours ago and withdrew 1,870.68 $ETH ($5.7M) from #Gemini .
Then he spent the 1,870 $ETH ($5.7M) to buy 6M $ONDO at an average price of $0.95 in the past 27 hours.
Does this guy know something that we don't? https://t.co/3ZQ6s6SnVM pic.twitter.com/G1udIF8Mhw
— Lookonchain (@lookonchain) May 17, 2024
This transaction attracted the attention of the crypto community and ONDO, the native token of Ondo Finance, skyrocketed 11% immediately after the purchase.
However, ONDO has dropped after the latest bounce and is trading below the $1 threshold at the time of writing. However, ONDO is still increasing by more than 19% over the past week.
Crypto analyst Mags commented on the price movement, sharing analysis on the next price target for ONDO.
“If the price closes above 1 USD, the next target will be 1.4 USD and 2.7 USD or more.”
$ONDO keeps printing up +131%
$1.5 Incoming, Binance listing soon 👀 https://t.co/bF8lznNDOP pic.twitter.com/5v95S4aZvn
— Mags (@thescalpingpro) March 25, 2024
Fantom (FTM), a once famous layer-1 blockchain, is receiving attention again ahead of an important upgrade called Sonic.
On the evening of May 17, the Fantom Foundation posted an important governance proposal, announcing to the community a new project called Sonic Network (S). Sonic Network is a new layer-1 blockchain developed by Fantom on the new Sonic technology platform, replacing Fantom's old Opera version.
https://x.com/FantomFDN/status/1791517798205907116
Once the Sonic Network is deployed, FTM holders will be able to redeem tokens 1:1 for the Sonic network currency called S. Those who do not want to redeem can still continue to hold FTM. However, the Fantom Foundation encourages users to migrate to the new network as all the attention and development effort of the project will be transferred here.
The rest of the proposal retains the changes that were mentioned in the Sonic upgrade announcement at the beginning of the year.
Both Fantom's FTM and TVL token prices have increased more than 30% in the last 7 days, the clearest signal that money is being poured back into the project.
Specifically, while the FTM price increased from 0.64 USD to 0.84 USD, the value locked (TVL) of Fantom increased to 200 million USD on May 16, before decreasing to 129 million USD at the time of writing. This is the highest TVL level that Fantom has achieved since July 2023, when the Multichain hack occurred, causing heavy damage to the ecosystem.
