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The Bitcoin Halving Is Almost Here

BTC prices have seen multifold jumps following each halving, with the price increasing by 9,000% after the 2012 halving, 4,200% after the 2016 halving, and 683% after the 2020 halving.

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Gannon Breslin
April 09, 2024

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I know it’s been quite some time since our last newsletter. Don’t worry, we aren’t going anywhere - we’re back, recharged, refueled, and ready to keep delivering the best web3 news to your inbox (as we have for the past 2.5 years).

Here is the breakdown of today's newsletter:

📍 What’s Dropping in Web3
👀 Binance NFTs
📈 Everything you need to know about halving
💰 Crypto Update
🗞️ @Tyler_Did_it roundup
😂 Friendtech back??
🤡 Meme Drop

Reminder: If there is something you think we can do to make this newsletter better (content, format, etc.) please respond to this email with your feedback!

  • Punk 2306: Sold for 320 ETH ($1.1M). (@thedropnft)

  • Doodles: Announced its star-packed film, Dullsville and the Doodleverse, which will premiere this September and will feature a soundtrack by Pharrell Williams, Lil Wayne, and Coi Leray. (HB)

  • Runestone: Has flipped BAYC in marketcap and has the largest market cap of any ordinal collection at $649 million. (CG)

  • a16z: plans to invest $30M in web3 startups (TB)

  • Animoca Brands: Partners with Imaginary Ones. They are also planning an airdrop campaign for Imaginary Ones and Imaginary Rides NFT holders. The airdrop will distribute the project’s native token, “BUBBLE” coin, which is slated to launch in Q1 of 2024. (CN)

  • Bitcoin NFTs: Led Monday’s NFT market with over $16 million in sales in a 24 hour period. (YF)

  • Blast L2 NFTs: Are now on OpenSea and the community can’t help but make fun of the announcement (see comments here).

  • Michael Jordan: Has backed an NFT marketplace known as Metaplex and they just raised $46 million. (AL)

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Binance Shutters Bitcoin NFTs, Despite Gains

In a rather surprising move, Binance announced that they are no longer supporting Bitcoin NFTs on their platform - starting April 18th you won’t be able to trade any Ordinals on the platform.

Even with this announcement over $394 million worth of Bitcoin NFTs have been sold in the past 30 days and two Ordinal collections are in the top 5 all time for market cap across all NFT chains.

Their official statement below:

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The BTC Halving Is Upon Us ⏳

You’ve heard it before countless times, but the halving is almost here.

Every four years since the inception of Bitcoin, the reward for mining a block halves - thus making the scarcity and demand for Bitcoin peak for crypto enthusiasts. Below in this graphic that very soon the mining reward will change from 6.25 BTC to 3.125 BTC sometime in April/May.

The supply of Bitcoin (21 million BTC) is fixed and miners have already “unearthered” close to 93% of it. As more Bitcoin is mined + time goes on, the harder these rewards become attainable … thus greatly impacting supply and demand that many speculate as more favorable for holders.

Although we only have 3 halvings to collect data from (and past results don’t predict future ones) historically, the price of Bitcoin has shifted higher after each halving.

Some facts about the halving:

  • BTC prices have seen multifold jumps following each halving, with the price increasing by 9,000% after the 2012 halving, 4,200% after the 2016 halving, and 683% after the 2020 halving.

  • Although the halving is considered bullish for Bitcoin, historical data shows that BTC often experiences significant crashes within a year following each halving event. These crashes have seen Bitcoin’s price drop by more than 80% on average. The first halving in 2012 led to an 85% drop in 2013, the second halving in 2016 saw an 84% decline in 2018, and the third halving in 2020 was followed by a 77% correction in 2022.

Are you buying BTC before the halving?

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  • Crypto monthly trading volume doubled in March (TB)

  • Ripple: To launch US dollar stablecoin (CNBC)

  • Fed: Moves $2B of silk road BTC (CD)

  • March: Saw a 48% decrease in hacks (TB)

  • VanEck: Predicts Ethereum L2 market will reach $1T by 2030 (CPED)

  • FTX: Bankruptcy administrators have sold roughly two-thirds of a $2.6 billion hoard of Solana tokens in a deeply discounted deal. (BL)

@Tyler_Did_it crushed it with this morning’s roundup. Definitely worth taking a look.

Friendtech is back??

Sponsored Content: This newsletter was sponsored by Autopilot.

That's all for today's issue! Thanks for reading this far and also make sure to give our Twitter a follow daily for breaking web3 news! (@TheDropNFT)

Written by: Gannon Breslin

Disclaimer: The Drop DOES NOT provide financial advice. All content is for informational purposes only. The Drop is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.