Bitcoin Shoots to $66K Post Halving, Shiba Inu (SHIB) Upgrade, and More: Bits Recap April 22

TL;DR

• Bitcoin’s halving reduced mining rewards, decreasing the new coin supply and historically leading to price rallies, with BTC recently rising above $66,000.
• Shiba Inu’s SHIB surged after an update to Shibarium, improving its interface and compatibility with popular wallets.
• Ripple’s XRP rose 8% ahead of a pivotal lawsuit action.

BTC Started Ascending

The Bitcoin halving—a ground-breaking and long-anticipated event in the cryptocurrency industry—took place last week. It reduced the miners’ block reward from 6.25 BTC to 3.125 BTC, slashing in half the daily issuance of the leading digital asset. 

The mechanism has a direct impact on BTC’s inflation rate since it slows the rate at which new coins enter the market, making them scarcer and potentially more valuable over time (assuming demand rises or keeps at the same level).

Historically, the halving was a precursor for a massive Bitcoin rally and resurgence for the entire sector, with numerous industry participants expecting the same scenario in the following months.

BTC was worth around $63,500 when the halving occurred, while over the weekend its value spiked around 5% to as high as $66,000 (witnessed on April 22). Currently, the asset hovers at approximately $66,300 (per CoinGecko’s data).

We are yet to see whether BTC’s price will rise exponentially in the near future (as it did after the previous halvings). Robert Kiyosaki – the author of the best-seller “Rich Dad Poor Dad” – recently predicted that Bitcoin could hit an all-time high of $100,000 by September this year.

What’s New Around SHIB?

The popular meme coin was among the best performers in the crypto market over the weekend, with its price soaring by double digits. 

Its rally came shortly after the Shiba Inu team announced an important upgrade to the layer-2 blockchain solution, Shibarium.

Specifically, the developers released a new user interface (UI) update, describing it as “faster, smoother, and more accessible than ever.” It is compatible with popular self-custody wallets such as MetaMask, Trust Wallet, Coinbase Wallet, and others.

Shibarium officially saw the light of day last summer and aims to foster the development of the Shiba Inu ecosystem by enhancing scalability, improving speed, and reducing transaction costs. Those willing to learn more about it, feel free to take a look at our dedicated video below:

XRP Flashes Green, too

Another leading cryptocurrency that has performed quite well in the past few days is Ripple’s XRP. Its price has increased by 8% on a weekly scale, touching the $0.54 mark.

An essential factor that could fuel a significant bull run for XRP is the outcome of the lawsuit between Ripple and the US Securities and Exchange Commission (SEC). The legal spat between the entities is about to enter its final chapter – a trial scheduled for April 23.

Some assume the company has the upper hand after securing three vital (yet partial) court victories throughout 2023.