Bitcoin Halving Impact: Challenges And Opportunities For Crypto

On April 20th, as the halving took effect, Bitcoin's network experienced a surge in transaction fees, reaching a staggering 1,257 BTC, equivalent to over $81 million at the time. This unexpected turn of events left many scratching their heads and sparked intense speculation about the future of the leading cryptocurrency.

Schiff, known for his vocal opposition to Bitcoin, has raised alarm bells following the recent halving event. He points to transaction fees soaring to a staggering $128, coupled with delays of over an hour to complete transactions.

Bitcoin (BTC) witnessed a modest decrease over the past week, closing at approximately $65,000, down 1.1% from $65,650 the previous week. The cryptocurrency experienced a significant dip mid-week, dropping below $60,000, but recovered strongly in the latter half, settling close to its opening value.

Following a peak in onchain fees, bitcoin miners experienced a significant decline in the hashprice, which fell from a daily rate of $114 per petahash on Sunday to a markedly lower $79 per petahash by Tuesday.

Increasing on-chain use of the network are driving up fees.