Crypto News– The upcoming Bitcoin halving, previously associated with the meme-friendly date of 4/20, has been rescheduled to April 15 due to significant flows into Bitcoin ETFs and multiple price rallies. While this shift may disappoint meme enthusiasts who enjoyed the idea of celebrating the halving alongside their love for cannabis, it also provides insight into trader sentiment.
The Bitcoin Halving Looms: Closer Than Expected
Just a month ago, on Valentine’s Day, Decrypt discussed the whimsical scenario of Bitcoin reaching $69,000 and coinciding with the halving on 4/20. Remarkably, Bitcoin hit this price target on March 5. However, why has the halving date moved up by a few days? This adjustment is primarily due to the Bitcoin network’s finite block space, with the halving scheduled to occur at block height 840,000—after processing 840,000 blocks’ worth of transactions. As of now, the BTC network stands at a block height of 834,194.
Each block on the Bitcoin network accommodates roughly 2,700 transactions. Consequently, during periods of heightened network activity—such as new all-time highs, subsequent crashes, exchange disruptions, followed by additional price surges—the network faces an increased transaction load.
For perspective, leading up to February 14, the average daily BTC volume was $24 billion, according to CoinGecko data. Notably, on January 11, there was a substantially higher volume of approximately $52 billion, coinciding with the introduction of 10 new spot Bitcoin ETF applicants trading in the U.S.
Leave a comment