International
Bitcoin which is the world's largest cryptocurrency has recently underwent its 'halving', a process occurring approximately every four years according to a cryptocurrency data company.
Following the halving, Bitcoin's price remained relatively stable experiencing a slight decrease to $ 63,747.
Enthusiasts eagerly awaited the halving which a feature embedded in Bitcoin's code by its creator to decrease the rate at which new bitcoins are generated.
Some view the halving as an important event in the crypto world highlighting Bitcoin's increasing scarcity and value. But analysts also see it as a technical adjustment hyped by speculators.
The halving reduces rewards for cryptocurrency miners making it more costly to produce new bitcoins.
Previous halvings occurring in 2012, 2016, and 2020, were followed by price rallies although analysts debate whether this trend will continue.
Some believe the halving has already been factored into Bitcoin's price and JP Morgan analysts anticipate a post halving price decline due to overbuying and subdued venture capital funding in the crypto industry. We have to see what is in store down the line.
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