A halving – or halvening – cuts in half the amount of tokens that Bitcoin miners receive as reward for their work.
The quadrennial event is due next around April 2024 and is part of the process of capping Bitcoin supply at 21 million tokens. The coin hit records after each of the last three halvings.
“Bitcoin cycles bottom around 12-18 months prior to the halving and this cycle structure looks similar to the past ones, albeit many things have changed — while the network is vastly stronger, Bitcoin has never endured a prolonged severe economic contraction,” he said. A US regulatory crackdown on crypto in the wake of the FTX exchange’s collapse in November 2022 also threatens to darken the market outlook.
Crypto markets crashed last year as central banks jacked up rates to curb price pressures and digital-asset companies imploded.
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