Bitcoin Drops as the World Hosts Halving Parties

Bitcoin fell below the $63,000 mark just hours before the Halving event. This period saw the crypto community nervously waiting for the mining rewards to be cut, marking an important turning point in the established principles within the ecosystem. This event was not only followed by the online community and the traditional financial sector for many weeks.

With just a few hours left until the crucial moment, experts, analysts and industry observers are scrambling to make forecasts based on current market developments. Despite some fundamentals, the atmosphere in the cryptocurrency community is one of festivity.

Parties celebrating Bitcoin’s halving have been held everywhere from El Salvador to Thailand and Switzerland. In Thailand, a large advertising screen displayed a live countdown timer for the event, causing a stir. Meanwhile, in Switzerland, a party to celebrate the Halving will be held at SHED in Zug by Niklas Nikolajsen.

Bitcoin Halving countdown in Thailand 💪 pic.twitter.com/4o7OOr57tD

— MartyParty (@martypartymusic) April 18, 2024

“After dinner ends, SHED will transform into an ideal place to hold a party, with exciting music from famous DJs and a space decorated with bold Bitcoin vibes. This will be an opportunity for the Bitcoin community to celebrate and look forward to the future of finance together!”

El Salvador became the center of attention as it prepared for the halving event with the announcement of an international party attended by a large number of people from all over the world. El Salvador’s prominence in the Bitcoin community has made this event even more popular.

Throughout Bitcoin Week, the country has proven itself to be a leading location for Bitcoin-related activities, including private and international events. The Meme Factory, a group of Bitcoin enthusiasts, commented that this was the first global-scale Halving party they organized.

“This is our first Halving party, a celebration with friends from all continents. We are extremely happy to welcome everyone in El Salvador.”

Impact of the Bitcoin Halving event

The Bitcoin Halving event, which takes place every four years and cuts miners’ rewards by 50%, may reduce their earnings but opens the door for a new surge in prices in the market. However, predictions for the next price increase are not necessarily bright as miners begin to hoard and move assets out of exchanges to maintain prices.

Related: Bitcoin ETFs Continue to See Withdrawals Ahead of Halving Event

Meanwhile, negative traders believe that this Halving event will not have much impact compared to previous ones, due to the influence of long-term macroeconomic factors. Recently, JP Morgan also made a prediction that Bitcoin price may decrease after this halving event because they believe that this asset is being overbought according to their assessment.