The weekend was a rollercoaster ride for the cryptocurrency market. Bitcoin’s fourth halving event took place, reducing miner rewards and causing a slight increase in its price. Meanwhile, former Goldman Sachs executive Raoul Pal revealed a significant shift in his crypto portfolio, favoring Solana over Ethereum. Shiba Inu, the self-proclaimed ‘Dogecoin Killer,’ saw a significant increase in its token burn rate, hinting at a possible turnaround. Despite Elon Musk‘s tweet about Dogecoin, the meme coin failed to rally from its 20% weekly correction. Lastly, crypto analyst Michaël van de Poppe predicted a potential price bounce for Bitcoin amid fading hype.
Bitcoin’s Fourth Halving Event
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experienced a 1.5% increase over the last 24 hours following the successful completion of its fourth halving event. This event, which occurs every 210,000 blocks, has seen the reward for mining a block drop from 6.25 BTC to 3.125 BTC. The halving is a programmed process in the Bitcoin protocol designed to manage scarcity and regulate the inflationary supply of Bitcoin.Read the full article here.
Bitcoin Halving, Elon Musk's Dogecoin Tweet, Solana's Rise And More: This Week In Cryptocurrency