The fateful date of Bitcoin’s (BTC) third halving is approaching, at which time block no. 630,000 will be mined, an event that is currently scheduled to take place between May 9th and 12th, 2020.
Bitcoin is heading towards this date with prices oscillating around the $7,000 threshold. After the break-down of this level on Monday, BTC’s prices are once again coming close to this psychological threshold which is proving to be a balanced level.
Many are wondering what will happen with this third halving. The two previous ones in 2012 and 2016 did not take place in such a global economic context as the current one, which will involve not only the mining production sector itself but also the economy and the possibility of focusing investments on this particular sector.
Bitcoin Cash and SV lose value
The halving already took place on April 8th for the other two Bitcoin forks, Bitcoin Cash and Bitcoin SV. As of this date, the rewards for these two forks have been halved from BTC’s original protocol.
In these two cases, the halving of both led to a loss in value after the event. Both have lost about 20% of their value since April 8th.
This is undoubtedly a shift by miners who for the moment prefer to focus their activities on Bitcoin and not on the different forks precisely because of the profit aspect itself.
It is necessary to wait for what will be the post-halving evolution of Bitcoin, in May, to understand what the new equilibrium may be due to a completely new situation even for the cryptocurrency sector, which for the first time in history is facing an unprecedented economic and financial situation.