Home / Blog / Category / Market Analysis / Crypto News Catchup – Bitcoin has successfully completed its fourth halving event, reducing miner rewards from 6.25 to 3.125 BTC per block
23 April 2024 | FXGT.com

Crypto News Catchup – Bitcoin has successfully completed its fourth halving event, reducing miner rewards from 6.25 to 3.125 BTC per block

  • Bitcoin has successfully completed its fourth halving event, reducing miner rewards from 6.25 to 3.125 BTC per block, as Bitcoin reached its 840,000th block. This event, which occurs every 210,000 blocks, or approximately every four years, aims to manage Bitcoin’s scarcity and regulate inflation. The cryptocurrency community is now keenly watching how this will affect Bitcoin’s price, with some predicting significant increases.

  • During the recent Bitcoin halving event, users paid a record $2.4 million in fees on a single block, largely driven by activities involving the new Runes Protocol. This protocol, which enables the creation of tokens on the Bitcoin network, saw users rush to inscribe and etch rare digital assets, contributing to the highest-ever fee for a Bitcoin block. The halving also significantly reduced miner rewards, increasing the relative importance of transaction fees.

  • The recent Bitcoin halving has ended a week-long outflow streak in ETFs, with a total of $30.4 million inflow recorded just before the event. This was primarily due to positive inflows in five out of ten approved ETFs, countering the significant outflows from the Grayscale Bitcoin Trust ETF and Fidelity Wise Origin Bitcoin Fund. The increase in ETF investments indicates growing investor confidence in Bitcoin’s market value post-halving.

  • UK Finance is advancing a shared ledger pilot to streamline banking payments and digital assets integration. Participants include Barclays, Citigroup, and major card networks, aiming to develop a commercial system for tokenized deposits and securities. The pilot, which will test the technology for two to three years before commercial adoption, also involves fintech startups experimenting with tokenized bank money. Results are expected by August, with broader participation starting in July.

  • Telegram has integrated Tether (USDT) payments on the Tron network, allowing users to send stablecoins directly to each other without transaction fees. This feature adds to the messaging platform’s existing crypto functionalities, enhancing its utility for crypto transactions alongside Bitcoin and The Open Network token. This move is part of Telegram’s broader engagement with cryptocurrencies since its initial blockchain efforts in 2018.

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