Samson Mow believes BTC Omega candles are on horizon now that halving has occurred
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Samson Mow explained to Forbes how halvings work – the total Bitcoin supply of 21,000,000 coins is being gradually “transferred” by miners onto the market in the form of block rewards. The mysterious Bitcoin creator Satoshi Nakamoto built that into the system, programming halvings to happen once in every four years and those rewards to be cut by 50%.Halvings were made in order to prevent the flooding of the cryptocurrency market with Bitcoin via nonstop BTC issuance.
Samson Mow stressed, talking to Forbes, that spot-based Bitcoin ETFs ignited new demand for BTC in January this year, when they got SEC’s approval – BlackRock, Fidelity, Ark Invest, VanEck, etc. Together, the block reward decline done by the halving and these spot ETFs are likely to trigger a Bitcoin supply shock, the Jan3 chief believes.
Omega candles are big trading candles, according to Mow’s explanation, “that means high volatility and big changes in price.”Overall, halvings are bullish not only for Bitcoin but for the cryptocurrency space in general. They prove that the BTC protocol works. They perform, adding to the coin’s scarcity and making it closer to gold. So far, the world’s leading cryptocurrency has staged a 8.5% increase since the halving day. Bitcoin is trading at $66,200.
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