Bitcoin undergoes halving and suffers supply shock amid projections of soaring price.
At the time the halving occurred, Bitcoin was trading at $8.529, down slightly by 0,36% over the past 24 hours.
Infomoney - At 16:25 pm this Monday (11), with the completion of block 630 thousand, Bitcoin passed through long-awaited halving, a technical move that reduced miners' compensation by 50% and, consequently, the supply of new cryptocurrencies on the market.
At the time the halving occurred, Bitcoin was trading at $8.529, with a slight decrease of 0,36% over the past 24 hours. From now on, the miners' reward is 6,25 bitcoins per block, compared to 12,5 bitcoins previously.
Although predicted by the cryptocurrency concept, this event has generated much discussion about its impact on the asset's price, and some experts believe we should soon see a new Bitcoin high.
Analysts consulted by InfoMoney pointed out that investors need to be wary of increased volatility in the short term (Click here to see the full analysis.).
Even so, most of them actually see an upward trend in prices, since there has been a 50% cut in supply, while demand has not only remained stable but is expected to continue increasing.
Some even speak of new all-time highs, with the most optimistic pointing to Bitcoin reaching around US$100. Despite this, most are more cautious and say that the effects on the price should consolidate within a 6 to 12-month timeframe.
It's worth remembering that in the two previous times the halving occurred, the price of Bitcoin skyrocketed a year later. A year after the second time, in 2017, was when the cryptocurrency reached what remains its all-time high of US$20.