- The past month has been rough for the crypto market, but the Bitcoin block halving on 13 May could turn things around
Recently the crypto markets experienced a sharp and unexpected crash, with Bitcoin declining from USD 10,000 to as low as USD 3,850 in only a month. However, the Bitcoin block halving is coming on 13 May, and it has the potential to reverse the crypto market’s fortunes and spark a major rally.
When the block halving comes the Bitcoin block reward will drop from 12.5 Bitcoins to 6.25 Bitcoins, cutting the supply of freshly mined Bitcoins by half, and therefore reducing selling pressure on the Bitcoin market. This reduction in selling pressure should lead to an increase in price according to the law of supply and demand, and also the block halving makes Bitcoin more scarce and therefore more valuable.
Thus, even though things have been tough recently on the crypto markets, that could all be turned around when the Bitcoin block halving happens only seven weeks from now. Indeed, it is often said that it is darkest before the dawn.
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