Happy 4,000th day running to Bitcoin! That's right crypto enthusiasts, the bitcoin blockchain network has been successfully going for 4,000 straight days since Satoshi Nakamoto released the first base layer software protocol back on January 3, 2009.
Today, being December 17, 2019, has saw four thousand days pass since and ironically two years ago today the price of bitcoin hit its all time high of $19,892 BTC/USD exchange rate value.
Now, next up on the horizon is the third halving cycle. More and more attention is being paid to the Bitcoin (BTC) halving that will happen in May, next year.
According to a Google Trends research that was released on December 17, the “Bitcoin halving” searches have increased significantly in 2019, even when there was more than a year until the halving.
The first chart shows the recent rise in bitcoin halving interest:
Searches for “Bitcoin” Have Decreased
Here is the interest in bitcoin keyword searches according to Google Trends:
The interest in the halving is increased also as a result of the past 5 years’ context. There was only a short period during the 2016 halving when the global search volumes were higher. Opposed to the interest in the halving, “Bitcoin” searches have declined lately, mostly because the cryptocurrency’s price has declined so much. Both terms have been the most searched in late November, during the period in which the Bitcoin markets had a short growth period.
Many See the Halving as a Price Catalyst for the Bitcoin
Analysts didn’t allow the halving to go unnoticed, especially since it has such a heightened profile. Looking and the data and analyzing it, the co-founder of Adamant Capital Tuur Demeester said many people consider the halving to be a price catalyst for Bitcoin. This is what he tweeted on Tuesday:
“It's very clear that retail interest in BTC is nonexistent and investor sentiment is pretty bad right now. Question is whether the halvening could provide a bullish narrative – the Google trends data imo suggests it could.”
Everyone is Focusing on Miners
The halving is referring to all the new Bitcoins miners have claimed for transaction blocks that have decreased under 50%. In the year that’s about to come, the 12.5 BTC reward will become 6.25 BTC, which will increase the competition said by some to affect the miners’ behavior. Recently, the BTC/USD has only conformed to the fact that miners are defending a price floor corresponding with the $6,500 cost of production. There are many 2020 bitcoin halving overviews to study up and see how the 2012 and 2016 events transpired, but there is no doubt many are in agreement that the third halving event will bring fireworks in some form or fashion as the daily issued BTC coins will be reduced from 1,800 to 900 within the next five months or so.
Stay tuned as the BTC/USD value has continued its recent decline as many wonder how bitcoin will fare in the build up to the highly anticipated block mining reward event. Oh, and congrats to bitcoin again for being alive and turning 4,000 days old today.