621 Days to Bitcoin Halving, State of Global Crypto Market
- While the countdown is programmatic solely on the Bitcoin network, the entire cryptocurrency market has reacted with major gains after the halving event.
- Moreover, the 2020/2021 crypto bull market materialized a few months after the third Bitcoin halving clocked at a block height of 630,000 on the 11th of May, 2020 (UTC).
- Notably, 91 percent of Bitcoin units, representing 19,128,731 BTC, have already been mined.
The Bitcoin market is counting approximately 621 days to the fourth halving event, which is scheduled at a block height of 840,000. Notably, on August 22, 2022, at 4:50 PM GMT+3, Bitcoin block 750597 was mined with a total reward of 6.25000000 BTC, approximately $132,696.31 according to the current exchange rate.
According to onchain data, the Bitcoin block reward consisted of a base reward of 6.25000000 BTC ($132,705.25) with an additional 0.07046673 BTC ($1,496.21) reward paid as fees for the 2174 transactions which were included in the block.
According to our cryptocurrency market data, Bitcoin is trading at $58,898.65.
While the countdown is programmatic solely on the Bitcoin network, the entire cryptocurrency market has reacted with major gains after the halving event.
Moreover, the 2020/2021 crypto bull market materialized a few months after the third Bitcoin halving clocked at a block height of 630,000 on the 11th of May, 2020 (UTC).
Notably, 91 percent of Bitcoin units, representing 19,128,731 BTC, have already been mined. There can only be 21 million Bitcoin after all is mined in the year 2140.
Bitcoin Market Outlook from a Macroeconomic Perspective
There are 558,769 units of Bitcoin left to mine before the next halving event in two years. Both institutional and retail investors are all rushing to get the best out of it before the mining difficulty rises while the reward decreases.
Remember, the current Bitcoin block reward is 6.25 coins per block and will decrease to 3.125 coins per block post 2024 halving.
Bitcoin has a market capitalization of around $410.911 billion, with its daily traded volume at an average of $28 billion.
From a macroeconomic standpoint, Bitcoin is well positioned to rally beyond major global markets in the next few decades. However, the crypto asset is facing fierce competition from Ethereum (ETH) network, which is readying for its largest upgrade dubbed the Merge.
According to a recent report from FSInsight, Ethereum (ETH) has a good chance of exceeding Bitcoin (BTC) in market cap over the next 12 months.
However, Bitcoin is receiving backing from notable institutional investors including BlackRock, with over $10 trillion in AUM, which opened Bitcoin trading features for its customers via Coinbase Global Inc. (NASDAQ: COIN).
Arguably, Ethereum overtaking Bitcoin from the latter’s maximalist perspective may never happen. Moreover, there is a certain perspective from all investors in Bitcoin for being the oldest cryptocurrency.
Meanwhile, Bitcoin is accepted as legal tender in two countries, El Salvador and the Central African Republic. More countries and global blocks have begun regulating the crypto assets with most accepting Bitcoin as a digital asset.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
