The recent price fluctuations in Bitcoin to just under $72,000 and as low as $60,617 are attributed to the upcoming Halving event. Halving occurs every four years, reducing new coins entering circulation by 50%.
A halving event is when the number of new coins entering circulation is reduced by 50%. This scarcity reduces the pace at which new Bitcoins can enter the market.
Halvings occur after 210,000 Bitcoins are mined. The fourth halving is predicted to happen once 840,000 Bitcoins are in circulation, possibly between April 19 and 20.
The most recent Bitcoin halving took place on May 11, 2020. This event, which occurs every four years, has historically been a catalyst for significant price gains in the cryptocurrency.
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