Major crypto exchange Binance recently introduced a bitcoin halving countdown timer featured prominently on its website homepage.
In a recent announcement, Binance CEO Changpeng Zhao said the countdown was added due to growing hype surrounding bitcoin’s next halving event, expected in 2024.
Bitcoin experiences a halving approximately every 4 years. It’s when the block rewards paid to miners get cut in half, reducing the supply of new bitcoin entering circulation.
The previous three bitcoin halvings prefaced massive bull runs that saw bitcoin reach new all-time highs in the following year. But Zhao cautioned that historical trends don’t guarantee future results.
Zhao expects increasing discussions around the halving in the months ahead as the event approaches. However, he noted bitcoin’s price is unlikely to immediately double the day after halving, despite expectations.
By spotlighting the halving countdown, Binance aims to capitalize on anticipation-building in the bitcoin community. The narrative around halvings sparking epic rallies remains deeply ingrained, even if the direct causation remains debated.
Binance’s homepage banner signals that the exchange expects the halving narrative to shape trader sentiment in the near term. But only time will tell whether the upcoming supply shock energizes another bull run or fails to meet lofty expectations.
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