April 2024 Crypto Market Update: Approaching the Bitcoin Halving

April 2024 has been a rollercoaster month for the crypto markets. The month began with bullish momentum continuing from March, but a correction set in around mid-April. This coincided with Bitcoin (BTC) dropping below $61,000 and Ethereum (ETH) falling under $3,000.

The upcoming Bitcoin halving, expected in late April, is a major event that many believe will significantly impact the market. The halving is a pre-programmed event that cuts the block reward for miners in half, reducing the supply of new BTC entering circulation. Historically, halvings have been followed by price rallies, and investors are closely watching how the market reacts this time around.

Despite the recent correction, the overall sentiment in the crypto market remains positive. Many analysts believe that the long-term outlook for crypto is bullish, driven by factors such as increasing institutional adoption and the continued development of blockchain technology.

Here are some key takeaways for the crypto market in April 2024:

• Prices experienced a correction in mid-April.

• The Bitcoin halving is expected to take place in late April.

• The long-term outlook for crypto remains positive.

• Bullish outlook for short term on Bitcoin ($BTC), Ethereum ($ETH), and Solana ($SOL)

This cryptocurrency blog was made with assistance from Google Gemini, and OpenAI ChatGPT

Bitcoin Halving Explained

Bitcoin, the world's first and most popular cryptocurrency, is based on a decentralized network that operates on a blockchain, which is a distributed digital ledger that records all transactions. One of the most interesting aspects of Bitcoin is its halving event, which occurs roughly every four years and has significant implications for the supply and demand of the cryptocurrency.

What is the Bitcoin halvening?

The Bitcoin halvening, or halving, is an event that occurs approximately every four years, or after 210,000 blocks are mined, in which the rewards for mining new blocks on the Bitcoin network are reduced by half. This means that the amount of new Bitcoins that are created every 10 minutes is cut in half, leading to a decrease in the rate at which new Bitcoins are added to the circulating supply.

The first halving event occurred in 2012, when the reward for mining a block on the Bitcoin network was reduced from 50 Bitcoins to 25 Bitcoins. The second halving occurred in 2016, reducing the reward to 12.5 Bitcoins per block. The third halving occurred in May 2020, reducing the reward to 6.25 Bitcoins per block.

Why is the halvening important?

The halvening is important because it has significant implications for the supply and demand of Bitcoin. With the reduction in the rate at which new Bitcoins are added to the circulating supply, the supply of Bitcoin becomes more scarce, which can lead to an increase in demand and price. This is because if demand for Bitcoin remains constant, but the supply decreases, the price of Bitcoin should theoretically increase due to its limited availability.

In addition, the halvening can also impact the profitability of mining Bitcoin. As the rewards for mining new blocks are reduced, miners may need to invest more in their mining hardware and operations to maintain profitability. This can lead to a decrease in the number of miners on the network, which can impact the security and decentralization of the Bitcoin network.

What happened during the previous halvenings?

During the first halvening in 2012, Bitcoin was trading at around $12.50 per coin before the event. Following the halvening, the price of Bitcoin surged to over $100 per coin within a few months. During the second halvening in 2016, Bitcoin was trading at around $650 per coin before the event. Following the halvening, the price of Bitcoin surged to over $2,500 per coin within a year.

Following the third halvening in May 2020, Bitcoin experienced a more muted price increase. The price of Bitcoin was trading at around $8,500 per coin before the event, and it reached a peak of around $64,000 per coin in April 2021, before experiencing a significant correction.

What can we expect from the next halvening?

The next halvening is expected to occur in 2024, and it will reduce the reward for mining new blocks to 3.125 Bitcoins per block. While it is difficult to predict exactly how the market will react to the next halvening, historical trends suggest that we can expect an increase in demand and price following the event.

In addition, the next halvening may also have implications for the adoption and use of Bitcoin as a currency or store of value. With the reduction in the rate at which new Bitcoins are added to the circulating supply, Bitcoin becomes more scarce, which can lead to an increase in its perceived value and legitimacy.

In conclusion, the Bitcoin halvening is a significant event that occurs approximately every four years and has important implications for the supply and demand of Bitcoin. While it is difficult to predict exactly how the market will react to the next halvening, historical trends suggest that we can expect an increase in the price of Bitcoin.

The Beginners Guide to Buying Cryptocurrencies

So, you are tired of sitting on the sidelines during the Cryptocurrency frenzy while your friends are constantly bragging about how much money they are making in Bitcoin, Ethereum and hundreds of other Cryptocurrencies…. but you just don’t know where to start?

You have come to the right place, this is a beginners guide on how to purchase Cryptocurrencies!

Before you proceed, make sure you don’t put any more money into this than you are willing to lose. Research the technology, understand the importance of it and it’s potential to change the world... but also understand the fact that this is still a highly speculative investment that is often considered a bubble.

STEP 1: USD → Cryptocurrency

The process starts by transferring USD into Bitcoin(BTC), Ethereum(ETH) and Litecoin(LTC). The fastest way to do this is via Coinbase. You can download the Coinbase App or create an account on their website. BEWARE, there is a 5% fee on all transfers you make from USD to Coinbase. The solution to avoiding this fee is Gemini, but it will take you a couple of days to get set up, as Gemini takes a bit longer to verify your ID. Gemini is an FDIC insured platform and to get started,  you can go online and set up an account, allowing you to buy in with no fees. You need to input identification verification to set up your account which will limit to $500 a day. If you further the ID verification and add your license in settings, you can get much higher limits. These are solid coins to hold for novice investors. If you are looking to trade Altcoins, you will need to transfer to an exchange, like Bittrex for example. This requires more technical know how and you should proceed with caution...

STEP 2: Cryptocurrency → Cryptocurrency Exchange

First, you need to create a Bittrex account, when you are making this account be sure to remember your password, if they give you any other info that they say to keep, document it (don't want to forget password or account details).  Also, after making an account It is recommended that you go to your settings and enabling 2-factor Authentication, for added security. You can do this in account settings on Bittrex and just have to download Google Authenticator on your phone to do so. Make sure to save your backup key when you set this up as well, or else losing your phone will make a headache for you.

After this, you need to send your cryptocurrencies from your wallet to Bittrex, let’s say you are using Coinbase. You can do this by sending Bitcoin, Ethereum, or Litecoin from your Coinbase wallet to your Bittrex wallet. Ensure that you send the same coin to the same wallet address on Bittrex (Ex: you must sent ETH to an ETH wallet, BTC to a BTC wallet, and LTC to an LTC wallet. If you send BTC to your ETH wallet, it will be lost, etc...)  Same coin → same wallet. Got it?

Here are instructions on how to deposit coins into Bittrex (from Bittrex website):

"In order to deposit coins to Bittrex please follow these steps.

1. Login and Click Wallets in the upper right hand of the site.

2. Search for the wallet you are going to deposit to

3. Click the + next to the wallet

4. Click "new Address" to generate your address

5. Please make sure to read the coins deposit instructions if they are available.  Some coins require a minimum amount to be sent before they are credited.  Some coins will require a message/payment/tag/memo.  This means you must send the coins to the address we provide and attach this message/payment/tag/memo to the deposit so we can route the coins to your account.  If you do not attach this, you will risk losing these funds

6. You can now send your coins to this address.  Please make sure that you only send the same type of coins to this address.  This means if you generated a BTC address you deposit BTC to it and not some other coin.  if you deposit a different coin then what the address was generated for you risk losing these coins permanently"

Transfers can take a while sometimes, so don't fret because it wont go into the wallet immediately. It is recommended that you use Ethereum, as it is fast and all transactions on the Ethereum Blockchain can easily be viewed on etherscan.io. It is also recommended that you transfer a small amount before the whole amount, to ensure you are doing so correctly. Once your Ethereum arrives in your Bittrex wallet, you can begin to trade.

STEP 3: Proceed with Caution

Be warned, although Altcoins offer higher returns and the chance to ‘hit a moon’ they also present an opportunity to lose a lot of money, risk is a two way street. You should research projects heavily and invest in ones you believe in that have teams you believe in, judge results and progress on roadmap, read reddit...a lot (good advice lay deep in the comments section). Learn to HODL (Google search hodl) through the valleys and remember you never lose money taking profits. NEVER put more money into an account than you are willing to lose, and most of all - GOOD LUCK (:

Crypto Bull cannot be held responsible for any losses incurred in investments. The content of this site is not meant to be financial advice and is only opinion. Any transactions made in the space should be carefully approached and considered.