The Bitcoin Halving: Navigating the waters of digital scarcity

In the realm of cryptocurrency, few events generate as much anticipation and discussion as the Bitcoin halving. Marking a pivotal moment in Bitcoin's monetary policy, the halving is an event that occurs approximately every four years and has significant implications for the digital currency's supply, mining ecosystem, and price dynamics. Understanding the Halving:At the core of the Bitcoin halving is a mechanism programmed into the cryptocurrency's protocol that governs its issuance rate. Unlike traditional fiat currencies, where central banks have the authority to adjust the money supply as they see fit, Bitcoin operates on a predetermined and transparent monetary policy. When Bitcoin was created by the pseudonymous Satoshi Nakamoto in 2008, its protocol specified that the total supply of bitcoins would be capped at 21 million. To ensure scarcity and mimic the scarcity properties of precious metals like gold, Bitcoin's issuance rate decreases over time through a process known as "halving." How Does It Work?Every 210,000 blocks mined, which typically takes around four years, the block reward that miners receive for validating transactions on the Bitcoin network is halved. Initially set at 50 bitcoins per block when Bitcoin was first mined in 2009, the reward is reduced by half in each halving event. The most recent halving occurred in May 2020, reducing the block reward from 12.5 bitcoins to 6.25 bitcoins per block. This process will continue until the total supply of 21 million bitcoins is reached, which is projected to happen around the year 2140. Reactions from Web3 IndustryAs the fourth Bitcoin halving approaches, anticipation and speculation reverberate throughout the digital asset landscape. Scheduled to reduce block rewards from 6.25 Bitcoin to 3.125 Bitcoin, this event holds significant implications for the crypto market. Reactions from key figures in the Web3 industry shed light on potential outcomes and strategies in response to this momentous occasion. Manhar Garegrat, Country Head India & Global Partnerships at Liminal Custody Solutions<img src='\65739bd7a75f692069df6c37c502904a.png' class='content_image'>Garegrat emphasizes the nuanced effects of the Bitcoin halving, highlighting its potential to trigger heightened market volatility and increased trading activity. He suggests that the event's impact extends beyond immediate price fluctuations, potentially influencing investor sentiment and the emergence of new financial products in the crypto market. Additionally, Garegrat underscores the critical role of custody services in safeguarding digital assets during periods of amplified volatility, emphasizing the importance of advanced security measures to mitigate cyber threats. Shivam Thakral, CEO of BuyUcoin, India's second-longest-running digital asset exchange<img src='\a9d75f7ccc59119f9b265ed2b93f0ab7.png' class='content_image'>Thakral offers a holistic perspective on the Bitcoin halving, drawing on historical precedent to forecast potential market dynamics. While acknowledging the possibility of short-term corrections, Thakral remains optimistic about Bitcoin's long-term trajectory, citing previous cycles that led to new all-time highs. He highlights the growing institutional acceptance of Bitcoin, exemplified by recent ETF approvals, as a sign of broader adoption and resilience within the crypto ecosystem. Jyotsna Hirdyani, South Asia Head at Bitget<img src='\196e0f8d6358cb078ae1802f334d5a31.png' class='content_image'>Hirdyani delves into the fundamental significance of the Bitcoin halving, emphasizing its role in maintaining the cryptocurrency's scarcity narrative. She observes a strategic depletion of miner-held Bitcoin ahead of the halving, indicating preparations for potential market shifts. Despite short-term uncertainties, Hirdyani remains bullish on Bitcoin's prospects, buoyed by historical trends and growing institutional interest. She underscores the importance of considering macroeconomic factors while acknowledging the potential for Bitcoin to reach new all-time highs within the next 10-18 months. The reactions from Manhar Garegrat, Shivam Thakral, and Jyotsna Hirdyani reflect a mix of caution, optimism, and strategic foresight within the Web3 industry as the Bitcoin halving approaches. While uncertainties persist, the consensus remains optimistic about Bitcoin's long-term potential to reshape the financial landscape and drive further adoption in the years to come. As the crypto market braces for potential volatility, stakeholders are poised to navigate the evolving landscape with resilience and adaptability, leveraging insights from past halving events to inform future strategies and investments.pic credit:

Bitget MENA records 500% growth and ATH in Trading Volume

Bitget, the world's leading cryptocurrency exchange and Web3 company, has released insights on the growth recorded in Middle East and North African regions since its launch in November 2023. With over 2.5M users from the region, Bitget has now reached 25M users worldwide.Last year, Bitget announced its expansion into the Middle East region with plans to establish its regional hub in the UAE and hire 60 employees as part of its global scaling strategy. In the last six months, Bitget has grown its MENA trading volumes over 500% from its initial launch, aiming to bring in more localized solutions for its users.Sam A Spiers, Regional Director for Bitget MENA, states: “Bitget will strengthen its operations in the MENA region, leveraging the region's high adoption rates and crypto-friendly landscape. We are exploring blockchain and crypto projects to support home-ground projects for listing and providing more exposure to middle-eastern founders and products.”In February 2024, Bitget Research released a Bitcoin Halving report that highlighted over 80% of MENA investors considered the halving to have a significant price impact, while the recent Bitcoin’s bull run to renew its all-time high value was anticipated by 88% of investors — more than in any other region.There is higher optimism in comparison to the survey’s other regional participants, as MENA investors were the most willing to increase their crypto holdings, with 82% reporting affirmatively. In contrast, the global average didn’t exceed 70%.As part of its focus on the MENA region, Bitget has Arabic lingual support for its website and mobile application. Bitget users in the Middle East also benefit from zero fees for buying and selling cryptocurrencies through Bitget P2P, ensuring a seamless and user-friendly experience for traders. This week Bitget partnered up with OnRamp, the leading crypto payment solution provider allowing its users to buy and sell crypto using various local currencies, including AED and other fiat currencies.“With the MENA region representing a significant share of the global crypto transaction volume in 2023, it is poised to grow exponentially in the years to come. Bitget has already begun exploring license applications to operate in target Middle East markets. It's our priority to obtain operating licenses and support our users with a secure WEB3 platform.” Gracy Chen, Managing Director of Bitget.Bitget has been expanding its operational reach globally in recent months, including registering as a VASP (Virtual Asset Service Provider) in Poland and obtaining similar crypto registration in Lithuania. The new expansion plan in the Middle East complements Bitget’s launch in Türkiye, which now features full localization, including its Turkish website featuring tailored services for users in Türkiye.Bitget's growth plans consist of creating a seamless ecosystem of crypto products for users locally by personalising the platform offerings. Bitget recently launched a Ramadan campaign to celebrate the holy month with its users. Not just this, Bitget also offers 0 fees for buying Bitcoin and Ethereum on spot trading along with free bank transfers.

Bitget partners with OnRamp Money for seamless AED/NGN-to-crypto transactions

Bitget, the world's leading cryptocurrency exchange and Web3 company, has announced its strategic partnership with OnRamp, the leading crypto payment solution provider. With the integration, Bitget users can now buy and sell crypto using various local currencies. This collaboration brings significant improvements for users interacting with digital assets, enabling seamless conversion between fiat and crypto instantaneously.Users can buy crypto with NGN, AED, and MXN through bank transfers, and with VND via VietQR. This range of options ensures that users have easy-to-use and reliable methods to convert crypto to fiat and vice versa. Bitget caters to users with a diverse set of preferences and finance management requirements, fulfilling their needs with emerging WEB3 products.Bitget is introducing a zero-fee offer with this integration for all cryptocurrencies. This compliments Bitget's current in-house zero-fee offer for Bitcoin (BTC) and Ethereum (ETH). The move allows users to buy cryptocurrencies via traditional banking channels through OnRamp without incurring any fees. This offer is designed to encourage more users to explore the world of crypto, breaking down entry barriers and enabling inclusivity."At Bitget we're constantly improvising our platform's abilities, including its fiat-to-crypto conversion capabilities. The integration is a step closer to our mission to drive mass adoption of crypto, making it easy for people around the world to trade crypto. By smoothing out the conversion process between crypto and fiat we're accelerating an inclusive and global financial revolution," says Gracy Chen, Managing Director at Bitget.This is not the first time Bitget made moves to increase crypto accessibility via fiat. In March, Bitget Wallet Asia's premier Web3 wallet integrated with Onmeta, a leading fiat on and off-ramp solution. This integration provides a convenient gateway for users to purchase cryptocurrencies using local fiat currencies, covering 15 major blockchains and over 100 tokens.

Bitget launches Ramadan Campaign For Middle East Region

Bitget, the world's leading cryptocurrency exchange and Web3 company, has launched a Ramadan campaign to celebrate the holy month with its Arabic speaking audience. The campaign kick starting today will run throughout the month ending on Eid. This includes daily token giveaways along with the chance to win airpods, headsets, laptop, smartwatch and more.To make this program inclusive, Bitget will be donating $1 towards charity for each winner during the campaign timeline. Users who follow BitgetMENA on Twitter can utilize #BitgetRamadanChallenge to get noticed and win exciting rewards. Giveaways will be settled every Saturday and requires users to complete a set of challenges to be eligible for the event."Middle east and North African regions have increased its crypto adoption drastically in recent times. At Bitget we plan to leverage our resources to strengthen this growth. With regional specific campaigns, language support, crypto conversion and trading choices, we've tailored our app for our MENA users. The region is bound to grow and increase its adoption, and we're here to fuel it," says Vugar Usi Zade, COO at BitgetIn addition to the Ramadan campaign, Bitget is planning a MENA meetup tour to drive crypto awareness and provide assistance for new people in crypto. This will be elaborated further with more programs under Blockchain4Her and Blockchain4Youth, a combination of $20M funds dedicated to enable education around the emerging space. This is certainly not the first time Bitget is making moves in middle east as a market. Previously, it announced its plan of expanding in the region and driving growth for its MENA users. Bitget has launched its app and website in Arabic and provides multiple levels of regional friendly banking options as well as seamless user infrastructure to navigate the complex ecosystem.A recent Bitget survey of a cross-regional crypto investors revealed that over 80% of MENA investors consider the halving to have a significant price impact, while the recent Bitcoin’s bull run to renew its all-time high value was anticipated by 88% of investors — more than in any other region.This extreme optimism is most pronounced in comparison to the survey’s other participants, as MENA investors were the most willing to increase their crypto holdings, with 82% reporting affirmatively. In contrast, the global average didn’t exceed 70%. Only 4% of the regional investors support the opposite bearish sentiment. This proves widespread crypto adoption in the region, Bitget plans to enhance and accelerate this growth in the coming months.

2024 forecast: Gracy Chen unveils six market catalysts for crypto boom

Authored By Gracy Chen, Managing Director at Bitget, the world’s largest crypto copy trading platformIn 2023, Bitcoin surged over 130% from its 2022 lows, surpassing a $700 billion market cap. Bitget mirrored this momentum with an 82% increase in spot trading volume in November 2023. The global market cap declined in July and August and rose in September with the news of spot Bitcoin ETFs. Bitget and Bybit saw the highest market share growth in September. Highlighting the significant events and advancements of the crypto/blockchain industry in this year.The trends will change, the upcoming shifts in the market situation, and perhaps key events. In 2024, there will be six market catalysts for positive developments. It is expected that the Bitcoin ETF will receive SEC approval in January 2024. The market is currently optimistic, and following this, approval for an Ethereum ETF is anticipated. Institutions are considering using Bitcoin to achieve diversified asset allocation. The Ethereum Cancun upgrade is scheduled for the first quarter, during which Ethereum and L2 ecosystems will further unleash their potential. ZK L2 projects are expected to experience a token issuance boom. The issuer of the stablecoin USDC, Circle, is preparing for its initial public offering (IPO), potentially in the first half of 2024. Bitcoin will undergo a halving in 155 days, increasing the scarcity of Bitcoin. The FTX case is gradually entering its later stages, facing restructuring. As regulatory clarity emerges, it is expected to attract new retail funds. The US interest rate hiking cycle is reaching its end, and the market anticipates the first rate cut as early as May 2024.It is anticipated that next year, after the liquidation of the Bitcoin overhang from Mt.Gox and the US government's Silk Road seizure, a true bull market will emerge, accompanied by widespread adoption of cryptocurrencies and new innovations. We strongly believe that regulations worldwide have been extremely progressive with a focus on fostering innovation while safeguarding against risks. Regulatory frameworks are continuously evolving, with the possibility of changing crypto's landscape throughout the globe.