This Week In Cryptocurrency By Benzinga

Benzinga – The weekend was a roller coaster for the crypto markets. Bitcoin’s fourth halving event has occurred, reducing miners’ rewards and slightly increasing the price.Meanwhile, the former goldman sachs executive Raul Pal has revealed a major change in its crypto portfolio, favoring Solana over Ethereum. Shiba Inu, the self-proclaimed “Dogecoin killer,” has seen a significant increase in its token burn rate, suggesting a possible spite of Elon MuskTweets about Dogecoin. Memecoin failed to recover from the weekly 20% correction.Finally, Cryptocurrency Analyst michael van de poppe He predicted that Bitcoin’s price could jump as the hype fades.

Bitcoin’s 4th Halving Event

Bitcoin (Cryptocurrency: BTC) rose 1.5% in the past 24 hours following the successful completion of the fourth halving event. This event occurred every 210,000 blocks and the reward for mining a block decreased from 6.25 BTC to 3.125 BTC. Halving is a programmed process in the Bitcoin protocol designed to manage Bitcoin scarcity and regulate inflationary supply. Read the full article here.

Changes in Raul Pal’s crypto portfolio

Former Goldman Sachs executive Raul Pal revealed that 80% of his investments are currently in cryptocurrencies. Solana (CRYPTO: SOL), replacing his Ethereum holdings with high-end art NFTs. Pal also invested in his Exponential Age Asset Management, a fund focused on digital assets. Read the full article here.

Related article: Jim Cramer explains what could trigger another market decline: ‘If you want to exit, go ahead…’

Increased Shiba Inu token burning rate

Shiba Inu (CRYPTO: SHIB) saw a significant increase in token burn rate, with the number of SHIB tokens burned in 24 hours increasing by 25.9% to 24.36 million. Over a long period of 7 days, the burn rate skyrocketed by 269.9% and 798.3 million tokens were burned. Read the full article here.

Elon Musk’s Dogecoin tweet

Elon Musk’s tweet dogecoin (CRYPTO: DOGE) failed to generate significant traction, prompting cautious moves on the meme coin. Data from Whale Alert reveals that 300 million DOGE was transferred from Robinhood to an unknown wallet in the past 24 hours. Read the full article here.

Prediction of Bitcoin price rebound

Cryptocurrency analyst Michael van de Poppe believes that even though the hype around the upcoming halving event has faded, Bitcoin price could experience a significant rebound in the near future. He suggested that there was. Read the full article here.

Read next: Most S&P 500 stocks no longer trade above their 50-day averages: A healthy rebound or is the bull market over?

Image: Eyvind Pedersen from Pixabay


Benzinga Neuro, Edited

Navdeep Yadav

The GPT-4-based Benzinga Neuro content generation system

Extensive Benzinga ecosystem including native data, APIs, and more

Create stories that are inclusive and timely.

learn more.

© 2024 Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Related Article


Leave a Comment