The Bitcoin halving is a few hours away as crypto enthusiasts await the reduction in mining reward amid the fundamentals it onboards to the ecosystem. The widely anticipated event has drawn the attention of web3 and traditional finance plays in the last few weeks. 

With a few hours to go industry executives, policy watchers and analysts have made several predictions based on the current market trend. The crypto community is in a celebratory mood for the event regardless of the fundamentals. 

Bitcoin Halving Parties 

From El Salvador, Thailand, Switzerland, etc, the Bitcoin halving countdown has been switched on with the event set to be celebrated globally. In Thailand, a billboard showed the live halving countdown causing a slight frenzy in the digital asset market. 

Bitcoin Halving countdown in Thailand pic.twitter.com/4o7OOr57tD

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In Switzerland, there would be a Bitcoin halving party at SHED in Zug hosted by Niklas Nikolajsen.

“As the dinner concludes, SHED will transform into an ultimate party venue, with pulsating beats from top DJs and a venue fully decked out in Bitcoin glory. Don’t miss out on this monumental event where the Bitcoin community comes together to celebrate the future of finance!”

El Salvador stole the show in the leading on to the halving with the announcement of a party that saw an inflow of global participants. El Salvador’s event drew the attention of users because of the country’s Bitcoin stance.

The country has hosted private and foreign events in the themed Bitcoin Week. The Meme Factory, a group of pro-Bitcoin enthusiasts noted that this is the first Bitcoin halving party whose importance drew users globally.

“This is the first halving party, the first celebration where we have people from all over the world. We have people coming from every continent on planet Earth and it’s just been an absolute joy that we get to be able to host everyone coming to El Salvador.”

Impact of BTC Halving 

The Bitcoin halving happens every four years with block rewards slashed 50%. While this will significantly reduce miner rewards, it can boost the price of the asset ushering a new run in the market. 

Bitcoin bulls look uphill toward the next run as miners begin to hold their reserves and move assets off exchanges. On the other hand, bear traders say the halving will not have much effect like previous events due to persistent macroeconomic factors. 

JP Morgan recently projected a drop in Bitcoin price after the halving because the asset is overbought per its estimate.

Also Read: PEPE Dives 31% This Week: Possible Long-term Reversal?

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Filed under: News - @ January 1, 1970 12:00 am