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This move was prompted by the ongoing rally in Bitcoin (BTC-USD), as the much-anticipated halving event approaches. Palmer joins Market Domination to discuss his bullish outlook.
The first bitcoin halving happened on Nov. 28, 2012 – after three subsequent halvings in 2016, 2020 and now April, 2024, miners can extract only 3.125 bitcoins after solving the algorithm.
Nakamoto wrote the halving into bitcoin’s code and it works by reducing the rate at which new bitcoin are released into circulation. So far, about 19 million tokens have been released.
Bitcoin’s latest “halving” appeared to occur Friday night. Soon after the highly anticipated event, the price of bitcoin held steady at about $63,907.