Halving has stopped affecting Bitcoin. 2016 was the last year when the reduction of the miner reward had a fundamental impact on the price of the first cryptocurrency. 125 days after the April halving, the first cryptocurrency lost about 8% in value, which is in sharp contrast to what was observed in previous periods at a similar distance. In 2012, Bitcoin rose in price by 739%, in 2016 – by 10%, in 2020 – by 22%.
Daily miner rewards are now equivalent to 0.17% of the cryptocurrency turnover, while until mid-2017 this value varied from 1% to 5%. Analysts associated the sharp rise in the price of Bitcoin in 2020 after the halving with the effect of the decentralized finance boom and active injections of funds into the global economy suffering from COVID. The crypto market is experiencing a significant oversupply of Bitcoin amid a sell-off of government reserves and asset sales from the bankrupt exchange MtGox.
