Bitcoin (BTC)’s Halving Date Looms Price & Transaction Fees To Increase Or
The Bitcoin network is expected to hit its next halving date on July 9. The event will result in a 50% reduction in the supply of new bitcoins, which could either increase the price or decrease the transaction fees.
The cryptocurrency has seen volatile price movements since March 2018, when it hit an all-time high of $20,000. It has been trading around $10,000 since May 1, 2019 and recently hit $5,000 worth of BTC per day.
It looks like Bitcoin (BTC) will have a positive impact on the market as the next halving day approaches.
Bitcoin Halving Date Will Positively Impact Its Price
Many crypto investors believe that the Bitcoin price will increase significantly after the upcoming halving, as it has struggled with low volumes and lower market capitalization compared to other cryptocurrencies like Ethereum (ETH).
The Bitcoin network requires more than 8 million new bitcoins per year to remain stable, but only about 4 million bitcoins are mined annually due to low demand compared to other popular cryptocurrencies like Ethereum (ETH).
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The new law was passed as an amendment to existing anti-money laundering (AML) and counter terrorism financing (CTF) regulations. It prohibits transferring, receiving, or using any virtual currencies in Kuwait without authorisation from the government. Authorities have been mandated to inspect the networks of financial institutions and businesses that trade in cryptocurrencies within 24 hours. They must also provide updates on action taken against any violation.