Binance CEO Richard Teng tweeted on February 13 highlighting the major crypto supply trends for the forthcoming year. These trends involve notable cryptocurrencies such as Bitcoin, Ethereum, and Binance Coin, which play a significant role in the global cryptocurrency industry.
In 64 days, Teng stated that Bitcoin will experience its halving event - a procedural reduction by half of new Bitcoins being introduced into circulation. The halving is a mechanism designed to control the supply rate of Bitcoin and delay the time when all 21 million Bitcoin will be mined.
Furthermore, Ethereum, one of the major competitors to Bitcoin, has noticed a reduction of about 355,000 in the overall supply of ETH since the occurrence of its merge. Ethereum's merge is part of its upgrade to Ethereum 2.0, aimed at enhancing the network's scalability and security.
Additionally, the Binance Smart Chain, under the BEP-95 network upgrade, has carried out a total token burn of 215,000 BNB. Token burning is a deliberate action taken by the token creators to "burn," or permanently remove, tokens from circulation, creating the potential for increased prices.
