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What is the Halvening? (Hint: It’s a BIG deal)

For crypto enthusiasts, the Bitcoin “halving” is a big deal. There are countdown clocks and endless predictions and analyses, all leading up to a critically pivotal event for Bitcoin. While the “halving” has an ominous tone, it’s actually a rare event in the cryptocurrency world. So, what is the halving? And why is it so […]

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For crypto enthusiasts, the Bitcoin “halving” is a big deal. There are countdown clocks and endless predictions and analyses, all leading up to a critically pivotal event for Bitcoin. While the “halving” has an ominous tone, it’s actually a rare event in the cryptocurrency world. So, what is the halving? And why is it so important?

The halving cuts production of Bitcoin in half

Part of Bitcoin’s brilliance is the system in which Bitcoins are released into the market. A block is produced approximately every 10 minutes, awarding a specific number of bitcoins. At its origin, one block produced 50 Bitcoins.
This system changes after every 210,000 blocks is released. Approximately, this comes out to every four years. After each set of 210,000 blocks, the number of bitcoins awarded in one block is cut in half—or, the halving.

Halving production slows the rate of inflation

This halving slows the rate of inflation of Bitcoin. And in 2020, Bitcoin’s inflation rate will fall to 1.8%—below that of the U.S. dollar.

The halving event, occurring on a regular, predictable schedule, removes a lot of uncertainty that plagues the traditional market. At the same time, it creates more scarcity over time. As demand continues to increase, supply continues to decrease. While these values will remain constant and predictable, it’s worth noting that the supply of the U.S. dollar has nearly tripled in the last 20 years.

Bitcoin was built by its mysterious creator, Satoshi Nakamoto, in part as a rebuke to the role governments and financial institutions play in controlling the value of their currency. It is believed that Satoshi Nakamoto is a staunch libertarian, and that Bitcoin was perhaps created as a response to the 2008 financial crisis.

In a state-issued currency, supply can vary with the economy. For example, the U.S. Federal Reserve can add or remove dollars from circulation on an as-needed basis to respond to economic indicators. This can cause frequent inflation and deflation of the value of the dollar.

However, Bitcoin not only has this schedule set, but there will only ever be 21 million Bitcoins in existence. Once the last one enters the market, there will be no more. Because there is a limited supply, a Bitcoin is more like a gold bar than a dollar bill.

Gold, for example, has defended itself as an international store of value and medium of exchange for over 6,000 years. However, unlike gold, Bitcoin can be exchanged effortlessly and doesn’t impose much of a physical burden to transport or store.

Anyone can do the math: Slow inflation rate + predictable schedule + limited supply = a winning combination.

The history of Bitcoin’s halvings

Based on the halving schedule set forth at the beginning of Bitcoin, these events have occurred approximately every four years:

  • 2009: Blocks 1-210,000 received 50 BTC
  • November 8, 2012: Blocks 210,001-420,000 received 25 BTC
  • July 9, 2016: Block 420,001-630,000 received 6.25 BTC
  • May 12, 2020: Blocks 630,001-740,000 will receive 6.25 BTC
  • 2024: Blocks 740,001-950,000 will receive 3.125 BTC
  • ~2140: All 21 million bitcoins will enter into the market

 

Historically, the halving triggers a bull run

Historically, the halving event has triggered a bull run—it reduces supply. And as you can see in the previous halvings, they have each preceded a meteoric rise in price. However, it’s important to note that this increase is merely a correlation, and we are not 100% certain that these increases are a direct result of the halvings.

Additionally, these major increases did not occur overnight. The dramatic price increases occurred over the course of several months following the halving. While this historical data is important as you determine your own investment decisions, keep in mind that each halving event will be different.

Bitcoin continues to grow in popularity, and in the last few years, it has become a household name. As these events gain more widespread media coverage, the perception of Bitcoin’s value and its recognition will continue to change rapidly.

This type of awareness and media coverage alters analysts’ predictions. Because a large spike will be anticipated following a halving, this could lead to major increases in purchases just before the halving occurs—this could spell different results than the previous events have yielded.

The future of halvings

In 2009, Bitcoin essentially existed within the confines of an esoteric community of programmers and innovators. In 2012, Bitcoin started to gather enough users to make transacting a somewhat viable option. In 2016, Bitcoin was still steadily growing, but far from its popularity today.

Today, Bitcoin has already experienced enough bull and bear markets, massive trading spikes, international regulatory attention, and media coverage to make the 2020 halving a major point of focus.

As Bitcoin marches, slow and steady, toward its destination of releasing all 21 million bitcoins into the market around the year 2040, each halving will have significant consequences for the value of Bitcoin. And with each event, we will gain a deeper understanding of the true penetration of Bitcoin as a digital currency and its value in the market.

The post What is the Halvening? (Hint: It’s a BIG deal) appeared first on Bitcoin IRA | Official Bitcoin Retirement Account Investment.

Source: https://bitcoinira.com/articles/what-is-the-halvening-hint-its-a-big-deal

Blockchain

XRP, Chainlink, VeChain Price Analysis: 25 June 

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As the market continued to make slow and steady recovery, some altcoins bounced back up earlier than expected while others highlighted more volatility and steeper ups and downs.

With new updates in the SEC v. Ripple lawsuit rearing their heads every other day, XRP hiked after the 21 June fall. VeChain, on the contrary, made headlines after VeTrust, built on VeChain Thor, got adopted by a local Chinese government for better COVID-19 risk management.                                                                                                

XRPSource: XRP/USD – TradingView

XRP made a swift recovery as it noted 22% gains from its 22 June levels. The asset, after testing the $0.775-support on 21 June, fell below this level and tested the lower support at $0.55. XRP, after testing its lower support, later bounced back and highlighted considerable price gains.  

The Bollinger Bands for the asset noted a slight convergence that saw reduced volatility and a less expanded price range as the asset made recovery from its lower lows. Further, bullish momentum could be observed building on the Awesome Oscillator with the appearance of green bars. 

The Relative Strength Index for XRP was heading towards the neutral zone and had a reading of 38.43 at press time. The RSI’s uptick underlined an increase in buying pressure, one which pulled the asset from the oversold zone on 23 June. However, sellers were still dominant at press time.

XRP was trading at $0.67 at press time and if its northbound price movement continues, it can test the  $0.775-resistance as well.  

Chainlink [LINK]Source: LINK/USD – TradingView

LINK was trading at $18.9 at press time and was down 64.01% from its ATH with a breakeven multiple of 2.78. The alt’s price, after testing the $17.3 support, bounced back and made decent recoveries. The 15th ranked coin had a 24-hour price hike of 3.80% and a 7-day price dip of 16.30%. 

In light of the appearance of green candlesticks on the chart, the prevailing trend was slightly bullish. This corresponded with the Parabolic SAR’s white dots that have appeared below the candlesticks since the beginning of 24 June. Further, the Squeeze Momentum Indicator pointed to an active squeeze release (white dots) and projected a bullish trend in store for the asset. 

Finally, the MACD and Signal lines underwent a bullish crossover on 24 June, pointing towards a market recovery for the alt. This could lead the asset to rally towards the $25.9-resistance if recoveries continue.

VeChain [VET]Source: VET/USD – TradingView

VeChain was trading at $0.08 at press time and was ranked 21st on CoinMarkerCap. The alt saw decent recoveries after the 21 June price fall, and its 7-day price dip was 23.29% while its 24-hour price gain was 5.50%. The asset was down 70.14% from its ATH and had a breakeven multiple of 3.35. 

Bollinger Bands for the asset highlighted increased volatility and pictured a more expanded price range as the asset made recovery from its lower lows. Capital inflows for the asset were neutral, according to Chaikin Money Flow, with outflows still dominant in the market.

Finally, the Average Directional Index (ADX), highlighted a non-directional market. Once ADX is under 25, an uptrend can be expected to become stronger. The alt, after testing its lower support at $0.07, bounced back up and if the price rallies further it could touch the resistance level at $0.098.


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Source: https://ambcrypto.com/xrp-chainlink-vechain-price-analysis-25-june

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Blockchain

Citizens of El Salvador To Receive $30 in Bitcoin as the Law Will be Implemented In September

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The President of El Salvador Nayib Bukele has announced that bitcoin’s legal tender status will take effect in the country on September 7th, 2021. In addition, the government will give El Salvadoran citizens $30 worth of bitcoin.

  • Bukele made the statement during a national address on Friday (June 25th, 2021). The El Savaldoran President’s announcement comes after the country’s supermajority voted in favor of his Bitcoin plan to make the largest cryptocurrency the country’s second legal tender earlier in June.
  • Apart from the news of the Bitcoin law taking effect, President Bukele also revealed the creation of a new BTC wallet called Chivo.
  • According to him, every adult who signs up on the wallet will receive $30 worth of bitcoin. This effort could encourage increased adoption of the cryptocurrency.
  • Earlier, El Salvador’s President said that individuals who invest 3 BTC into the country’s economy would be awarded citizenship.
  • Although the World Bank and the International Monetary Fund (IMF) are not in support of the Central American country’s bitcoin adoption, the latest developments indicate that El Salvador is not going to give up its plans.
  • President Bukele’s plan has also faced opposition within the country. Some members of the Farabundo Martí National Liberation Front (FMLN), one of El Salvador’s major political parties, called the Bitcoin Law illegal, adding that it was harmful and was also designed to loot the people’s pockets.
  • However, the President, in his recent address, refuted the claims, stating that bitcoin will instead benefit the people and move the country forward.

Featured Image Courtesy of Reuters

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Source: https://cryptopotato.com/citizens-of-el-salvador-to-receive-30-in-bitcoin-as-the-law-will-be-implemented-in-september/

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ATFX Connect Appoints Steve Whittet as Institutional Sales Director

He will be utilising his experience at ATFX Connect to help increase the company’s client base through new acquisitions.

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Steve Whittet who is a well-known and highly respected figure in the FX Market previously Head of Institutional at ADSS and GKFX, has joined ATFX Connect, the global brokerage with a presence in various countries across the globe.

Steve has a wealth of knowledge and experience of the institutional market, having held Senior positions previously at various Banks and Brokerage houses.

He will be utilising his experience at ATFX Connect to help increase the company’s client base through new acquisitions, and intends to add his expertise in helping the company’s new Agency Business offering.

Steve brings broad experience in best-in-class liquidity, risk management solutions, management of the daily FX sales operations, regulations and technology for international clients.

Having previously worked at some of the world’s foremost trading houses, Steve has gained extensive knowledge In dealing with institutional clients, setting up agency business and acquiring new customers for margin and give-up business.

ATFX Connect is now entering into a new phase of growth, which will see the broker expand its geographical footprint across Asia, Europe, Latin America and the Middle East, as well as enhance its product offering.

Steve Whittet
Steve Whittet, Institutional Sales Director, ATFX

Expansion into Asia, Europe, Latin America and the Middle East is a key part of the firm’s long- term vision for the firm. ATFX Connect existing clients will benefit from our new hires, product offering and we are excited to reach out and provide our services to a new client base.

In March 2021, ATFX Connect launched its Agency Business to meet growing demand.

Commenting on the recent hire Matt Porter, Head of Operations at ATFX Connect, said Mr Steve Whittet, who has a 25-year Career in the sector and has served in senior roles at both Banks/Brokers collecting experience in client relations, institutional sales, would play a key role in accelerating the global growth of ATFX Connect. His appointment is a further sign of ATFX Connect’s ongoing commitment to expansion and will support the accelerated growth of the many opportunities that are in the pipeline.

ATFX Connect are proud to announce that it’s year on year total volumes between Q1 2020 and Q1 2021, have grown exponentially and with the introduction of the Agency business we would expect this to continue.

Steve’s quote: “I am excited to be joining ATFX Connect at this exciting time of growth for the business,”  “This is an exciting opportunity to further develop ATFX Connect’s commitment to expand the business into Asia, Europe, Latin America and the Middle East.”

Steve Whittet brings his wealth of knowledge of the Forex and Financial markets to the firm. During his 25 years career he has worked across both Banks and Brokers with a strong track record of growing a business. Previously Steven has held Senior Managerial roles in FX Sales at ICAP, Commonwealth Bank of Australia, Nomura and RBC, and in recent years at Gain Capital, Think Markets, ADS and GKFX.

ATFX Connect

Back in 2019, ATFX stepped into the Institutional arena with the launch of its Multi-Access platform ATFX Connect. The management’s vision was to expand the broker’s global presence and continue to provide award-winning liquidity and customer service to clients within the Institutional community.

With the focus on the professional Investor, the ATFX Connect platform is designed to provide an efficient automated trading venue that delivers tailored liquidity solutions to Hedge Funds, Asset Managers, Brokers, Private Banks, and other financial institutions.

ATFX

ATFX is an award-winning FX/CFD broker with a global presence offering customer support in over 15 languages.  With over 200 tradable financial assets, including forex, cryptocurrency, precious metals, energy, indices, and shares traded as CFDs, ATFX is regulated by the UK’s Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, the Financial Services Commission (FSC) in Mauritius, and the Financial Services Authority (FSA) in Saint Vincent and the Grenadines.

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Source: https://www.financemagnates.com/thought-leadership/atfx-connect-appoints-steve-whittet-as-institutional-sales-director/

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