Category Archives: Cryptocurrency
$140,600,000 in Bitcoin (BTC) Exits Cryptocurrency Exchange As Whale Moves $6,320,422 in XRP – The Daily Hodl
Whale activity is picking up steam as a big week in the crypto markets comes to a close.
In a 12-hour span, an anonymous crypto whale moved 16,001 Bitcoin (BTC), worth $140.6 million, from the crypto exchange OKEx to an unknown wallet.
While its possible that the whale is OKEx itself moving funds on behalf of its customers, the exchange has not announced plans to move mass funds. The transfers come a day after Bitfinex reportedly moved 123,447 Bitcoin worth $1.1 billion between two of its wallets.
Heres a look at all of the large OKEx transfers in the last day.
Meanwhile, traders are also following a lone crypto whale who moved 27,000,000 XRP worth $6.3 million from the crypto exchange Bithumb to an unknown wallet.
27,000,000 #XRP (6,320,422 USD) transferred from #Bithumb to unknown wallet
Whale Alert (@whale_alert) January 17, 2020
Both Ethereum and XRP whale activity has been limited over the past week.
Regarding the second and third largest cryptocurrencies by market cap, the most talked-about transfer was a movement of 100,000,000 XRP from Ripple. The payments startup, which owns more than half of all XRP in existence, moved the trove of XRP, which is worth $21.8 million, out of an escrow wallet on Tuesday.
The transfer frees up funds for Ripple to sell to institutions over-the-counter and on crypto exchanges. In recent months, Ripple has reduced the amount of XRP its selling. In the third quarter of 2019, the company reported selling XRP totaling $66 million, down from $251 million in the second quarter.
Ripples fourth quarter report is expected this month.
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$140,600,000 in Bitcoin (BTC) Exits Cryptocurrency Exchange As Whale Moves $6,320,422 in XRP - The Daily Hodl
Cryptocurrency No longer banned in India? – The Coin Republic
Ritika Sharma Tuesday, 21 January 2020, 08:41 EST Modified date: Tuesday, 21 January 2020, 08:41 EST
The RBI has mentioned that it has not banned the digital coins or cryptocurrency, such as Bitcoin, Ethereum etc. The body said that these currencies had only been kept away from the Banking systems, to prevent the digital crimes committed by fraudsters. Earlier a petition had been filed by the Internet and Mobile Association of India (IAMAI), the not-for-profitable body.
RBI said it had not banned crypto but only ringfenced regulated entities like banks from risks associated
Economic Times
Talking of the RBI, which is the regulatory body of all the issues related to finance and monetary purposes, was established in 1935. The Reserve Bank of India is the regulator of the entire banking of India and plays the role of making and enforcing of the Development Strategy of the Government of India. The body says that it has just ringfenced regulated entities for prevention of crimes such as terror financing and money laundering through cryptocurrencies.
The affidavit issued by RBI says:
The affidavit also mentions that RBI has not prohibited the use of the Virtual currencies, but has directed the entities regulated by it not to provide the services. In a hearing, the IAMAI argues the facts given by the regulatory body and tries to talk the good of it. The next hearing of the case is scheduled for today where much of the matter would be further discussed.
Back in 2018, while the government was taking decisions regarding the digital asset, RBI had mentioned that the ICOs must be prohibited and also that these crypto funds would not be considered as legal entities.
The Liberalised Remittance Scheme, which allowed the people toremita certain amount of money during a financial year to another country for investment and expenditure, was also launched for tracing the investment in these digital assets.
Thus until the next hearing all we can do is to wait and see where this matter results.
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Cryptocurrency No longer banned in India? - The Coin Republic
Akons AKOIN Cryptocurrency City White Paper to be Live by February 2020 – The Cryptocurrency Analytics
Akon is all set to build a smart green cryptocurrency city in Senegal. AKON city will use AKOIN.The vision for the cryptocurrency city project was publicized back in 2018, and Akoin will be the sole cryptocurrency of the city. Solar power will be the defining concept of Akon City. The city is set to be powered by renewable energy and, therefore, is set to be an Eco-Tourism Destination.
On January 13, 2020, Akon Tweeted: Just finalized the agreement for AKON CITY in Senegal. Looking forward to hosting you there in the future.
Sydney Ifergan, Crypto Expert Tweeted: Akon is moving ahead with something that is still in the form of an idea in the minds of many. Waiting to visit the smart green cryptocurrency city in Senegal. He further tweeted: Akons love for Africa is seen in his Lighting Africa Initiative. More than ownership, it is philanthropy and empathy to ensure improved lifestyle facilitated with basic necessities.
Sall, Senegal President, gave 2000 acres to the legendary rapper. The construction of the project has already begun, and the second phase of the project construction is allotted for 2025.
Akon stated, Cryptocurrency and blockchain technology offers a more secure currency that enables people in Africa to advance themselves independent of the government.
For those who are not sure about the humane feelings that make this project, Akon, in the past, spoke about how it felt to see young children, grown men, and women crying in wonder because it was the first time that they are witnessing artificial light. Children were able to study at night using artificial light, something that was not possible before the coming of the artificial light. The Akon Lighting project changed the world of the Akon Lighting Area in Africa for better.
The blockchain technology is proving to be a savior for Africa in several ways by giving power to the people through cryptocurrency. Thus, governments cannot force people down when cryptocurrency can lift them.
The 100% crypto-centric city will serve as a model city for several unbanked economies across the world. The realities of the power of blockchain technology are showing up in real-time in the real-world through philanthropists like Akon.
The website of the legendary rapper states that Akoin will soon be available in 54 African Countries. Their goal is to empower Africa by uniting Africa with cryptocurrency.
The White Paper of Akoin Coin will be live by February 2020.
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Akons AKOIN Cryptocurrency City White Paper to be Live by February 2020 - The Cryptocurrency Analytics
BTC/USD: Will 2020 Bring Clear Vision to the Oldest Cryptocurrency? – FXStreet
To simplify, each of the last three years has had a distinct theme for the overall cryptoasset markets:
As we flip our calendars to 2020, the top question for traders and investors is whether the exciting technological groundwork laid in 2019 will pay dividends for investors, users, and developers.
State of the Crypto Market
Far from the heady,halcyondays of late 2017, the cryptoasset markets are far tamer and more grounded as of writing in December 2019. After peaking above $800B at the start of 2018, the overall market capitalization of all the tokens in circulation has fallen to roughly $200B.
Source: CoinMarketCap
The majority of the value lost has come from so-called altcoins which include many of the overhyped ICO projects built in Ethereums smart contract ecosystem. While Bitcoin has been more than cut in half from its December 2017 peak, its fallen less than many competitors, leading to an increase in Bitcoin dominance or the portion of overall market value attributable to the original cryptocurrency.
Source: CoinMarketCap
As the chart above shows, Bitcoin now represents about two-thirds of the overall cryptoasset market capitalization, with rivals such as Ethereum, Ripple (XRP), and Bitcoin Cash losing market share. Generally speaking, the above chart can serve as an indicator of so-called alt seasons: when Bitcoins dominance is trending higher, crypto traders prefer to hold Bitcoin itself, whereas a turn lower in Bitcoin could signal that altcoins are poised to outperform.
Bitcoins relative outperformance from 2018-19 is poised to extend further in 2020
Bitcoin is scheduled for a halving of its block reward in mid-May, where the reward for successfully mining a Bitcoin block (which takes place approximately every 10 minutes) will fall from 12.5 BTC to 6.25 BTC. This will bring Bitcoins overall supply inflation rate down from about 3.7% to 1.8%. Historically, Bitcoin has shown a tendency to rally in the wake of previous halvings, though its difficult to draw any strong conclusions off a sample size of the two occasions.
Source: 99Bitcoins, GAIN Capital. Note that this chart uses a logarithmic scale.
Developers continue to work on improvements to Bitcoins protocol, with projects like the Lightning Network, for lower-value off-chain transactions, and Taproot, a privacy upgrade which is gaining momentum.
Regulatory policies will play a major role in Bitcoins performance in 2020
More than incremental technological improvements though, regulatory policies will play a major role in Bitcoins performance in 2020. For Bitcoin bulls, the proverbial White Whale is the approval of a Bitcoin ETF (exchange-traded fund) in the US that would make it easier for everyday retail traders to invest in the cryptocurrency. Despite numerous proposals over the last year, US regulators have failed to greenlight a fund yet. If such a fund is approved in 2020, it would be perhaps the biggest possible bullish catalyst for Bitcoin, opening the floodgates for retail and institutional capital to flow into Bitcoin.
Technically speaking, Bitcoin is breaking out of its near-term downtrend off the June peak near $14k. The cryptocurrency recently broke above its 7-week (~50-day) moving average and bulls will now turn their eyes toward the 29-week (~200-day) moving average. Beyond that, bulls may turn their eyes toward the psychologically-significant $10k level, followed by the Q3 highs starting around $12k. On a longer-term basis, the key level of horizontal support to watch will be the Q4 lows near $6400.
Source: TradingView, GAIN Capital. Note that this chart uses a logarithmic scale.
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BTC/USD: Will 2020 Bring Clear Vision to the Oldest Cryptocurrency? - FXStreet
Cryptocurrency Market Update: Two-day recovery on the rocks as Bitcoin, Ethereum and Ripple trim gains – FXStreet
The overwhelming surge across the cryptocurrency market has greatly revived interest in the major cryptocurrencies. For instance, Bitcoin SV has more than tripled in value since the lows traded last December. The cryptoasset is trading at $345 after adjusting from highs at $450. Other assets that have improved greatly, include Bitcoin Cash, Bitcoin Gold and Dash.
However, the surge appears to be on the rocks as the cryptocurrenciesstartto reverse. The majority of the major cryptos are in the red on Wednesday led by Bitcoin, which is down 6%, Litecoin follows at 3% and EOS at 4.21%.
On the other hand, the cryptoassets that are still in the green include, Dash with its 31% rise on a daily basis, Bitcoin Gold is trading 27.7% higher and Ethereum Classic is up 4.3%.
Bitcoin is down 2% on the day following a surge towards $9,000. An intraday high formed at $8,899 saw the bears start to swing into action. At the time of writing, BTC is valued at $8,627 amid a growing bearish momentum. If the support at $8,600 fails to hold, the zone at $8,400 could rescue the bulls. More support can also be expected to emanate from the former resistance at $8,200.
Ethereum, on the other hand, retreated from the new January 2020 high at $171.67. Support appears to be establishing at $160. Meanwhile, ETH/USD is valued at $162 (market value). Additional support is expected at $155, the 50 SMA on the 1-hour chart, and the 100 SMA.
Ripple blasted its way through the resistance at $0.22 as well as $0.24. An adjustment in the price has occurred with Ripple slide back to $0.2342. Immediate support could be found at $0.23. Besides, the leveling RSI suggests that Ripple could settle the dust above $0.24 while the upside capped at $0.24 in the near term.
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Cryptocurrency Market Update: Two-day recovery on the rocks as Bitcoin, Ethereum and Ripple trim gains - FXStreet
Cryptocurrency Market Update: Bitcoin bulls hit the pause button, altcoins follow the lead – FXStreet
Cryptocurrency bulls need some rest after a sharp rally that took some coins to multi-months highs. Bitcoin and major altcoins have been under pressure on Thursday; however, the move can still be qualified as a natural correction from overbought levels. The cryptocurrency market capitalization decreased to $239 billion, while an average daily trading volume reduced to $130 billion from $176 billion this time on Wednesday. Bitcoin's market dominance is jumped to to 66.5%.
The largest cryptocurrency by market capitalization retreated from the recent high of $8,900 on Wednesday and retreated to $8,737 by press time. The coin has stayed mostly unchanged on a day-to-day basis and since the beginning of the day. Despite the retreat, BTC/USD is still trading above critical $8,500, which means that the upside momentum maybe resumed after a short pause. The short-term trend remains bullish, however, the volatility is low
Ethereum hit $171.67 on Wednesday only to drop back to $163.00 by the time of writing. The strong downside move was caused by technical correction on the market. ETH/USD has lost about 2% since the beginning of the day. From the short-term perspective, the coin is moving within a bullish trend amid low volatility.
Ripple retreated to $0.2270 after a short-lived move above $0.2400. The third-largest digital asset has been losing ground after the support of $0.2300 gave way. XRRP/USD has lost over 3% since the beginning of Thursday, moving in sync with the market. The short-term trend is bullish.
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Cryptocurrency Market Update: Bitcoin bulls hit the pause button, altcoins follow the lead - FXStreet
Cryptocurrency billionaire funds SF-wide web of cameras to help fight crime – KRON4
SAN FRANCISCO, Calif. (KRON) Privately owned security camera networks are spreading across San Francisco and many of them are paid for by a local cryptocurrency mogul.
The billionaire says his goal is to try and stop the rampant property crime thats plaguing the city.
Shoppers in Union Square are likely too busy spending money to notice hundreds of cameras silently recording them.
High resolution surveillance networks are also keeping tabs on many parts of the city, like Japantown, the Tenderloin, and Fishermans Wharf. Cameras can be seen mounted from swanky mansions in Russian Hill to single-family homes in the Sunset.
Its part of an effort called Safe City Camera Project where neighborhood-based networks help law enforcement crack down on crime.
Chris Larsen has spent millions of his personal fortune paying for some of these surveillance networks.
The smash and grab thing is out of control in San Francisco, Larsen said. Its gotten a little bit better but its like the worst in the country.
But while the idea of a cryptocurrency mogul funding the citywide web of cameras sounds like the plot of a James Bond movie, the San Francisco-born billionaire says his motivation is to simply make the streets of his hometown safer.
We kind of live ground zero in one of the hot spots of the smash and grab epidemic, Larsen explains.
Larsen and his family live near the crooked part of Lombard Street. Its a magnet for sightseers as well as the criminals who prey on them.
The streets around the tourist attraction are littered with what some call San Francisco snow, the broken remains of car windows.
Larsen has seen the heartbreak firsthand.
They park and go to visit a tourist site and within sometimes seconds their cars are broken into, their luggage is gone, passports, cash and they are just bewildered, he said. These poor people. This is their first introduction to San Francisco, so its a menace to our neighborhood but more importantly, we see whats it doing to these people who are visiting our city. They love our city and they are just having this terrible experience and thats kind of what prompted this.
Larsen has paid for several high resolution cameras to be mounted on his neighbors homes.
Hes also donated to merchant groups in other neighborhoods to help them launch their own networks.
The goal is to help law enforcement catch what he believes are groups of professional criminals driving the bulk of this crime wave plaguing the city.
We want to get everyone to buy in and not feel like theyre under surveillance, explains Kyra Worthy, the Executive Director of San Francisco SAFE.
Worthy talked to KRON4 near the Moraga Street tiled steps in the Sunset. The Instagram-worthy mosaic draws a lot of tourists and car break ins to what is otherwise a quiet residential area.
So much crime happens in that area that neighbors posted signs with pictures showing the aftermath.
We just want to help the residents feel a little bit more safer, you know, that they can actually park the cars, they can have visitors, Worthy said.
San Francisco SAFE is a non-profit that has helped areas like this one in the Sunset form neighborhood watch groups.
So far, theyve helped at least 15 neighborhoods establish their own camera networks.
But Worthy says there is no big brother constantly watching what all of these cameras are filming.
Its not like Im at a TV eating popcorn watching you park your car, take your Safeway bags out, she explains.
Like the security networks run by the merchant groups, the non-profit acts as a go between to assist the police department collect video but only after a crime has been committed.
San Francisco SAFE estimates they get 40 requests from law enforcement a month.
There are so many camera networks that sometimes they can track criminals across the city.
If they were over here at the Moraga steps breaking into cars, taking things, and then decide to go to West Portal on Irving to sell the things, or dump the car, theres cameras there too, Worthy said. So we sort of put two and two together. That helps with being able to build a case, and hopefully, an arrest.
These neighborhood camera networks were modeled on the elaborate setup thats been keeping an eye on Union Square since 2013.
There are now nearly 400 cameras spread across 30 city blocks run by the areas Business Improvement District.
In Union Square, the main target is retail theft which has been rampant and brazen in recent years.
And while department store security cameras can help capture the criminal activity inside, the camera network can see what happens before and after.
You can see the person coming. You can see it take place. You can see the getaway. Who there with. What theyre wearing. It really helps tell the whole story, said Karin Flood, with the Union Square Business Improvement District.
Union Square is the only surveillance network known to have a control center with multiple monitors. But up until recently, the chair in front of them has been mostly empty. They say no one has been actively watching the feeds.
But thats changing in January when theyre expected to start staffing the control room in the overnight hours.
Thats because the middle of the night is when some of the more outrageous heists have happened.
Crews have been known to bust out high-end shop windows and drive off with truckloads of designer goods.
The Union Square Business Improvement District is also looking at new technology to help make monitoring all of those cameras even easier.
They can detect unusual behavior, Flood explains. Somebody whos running at 4 a.m. in the morning and theyre not out on a jog or a car thats up on a sidewalk that really shouldnt be there. Because about 370 camerastheres a lot of cameras to watch.
These private camera networks have seen results.
Those behind the effort say footage captured by their cameras has helped in the recent bust of a fencing ring where more than $2 million in stolen property was recovered.
They also contributed to the arrests of suspects in a recent high-profile incident of shots fired on Market Street and the alleged kidnapper of a golden retriever in Japantown.
The cameras helped in the capture of a man accused of two unprovoked assaults, including the vicious kicking of a sleeping homeless man.
The spokesman for the San Francisco District Attorneys Office says while video is not the only evidence that they rely on, it is very helpful.
While eyewitness memories may fade, video does not.
In tomorrows installment of this in depth series, well hear from a privacy rights advocate whos raising concern about the potential for these private security cameras to track members of the public. Tune into KRON4 News at 10 p.m. to watch.
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Cryptocurrency billionaire funds SF-wide web of cameras to help fight crime - KRON4
North Korea is Holding a Secretive Cryptocurrency Conference, and Experts Warn it’s a Very Bad Idea to Attend – Newsweek
North Korea is holding a blockchain and cryptocurrency conference in Pyongyang next monthand United Nation experts strongly advise against making the trip.
A confidential report soon to be submitted to the U.N. Security Council says anyone who travels to the event would likely be in violation of sanctions because it previously featured "discussions of cryptocurrency for sanctions evasion and money laundering," Reuters reported.
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The 2020 Pyongyang Blockchain and Cryptocurrency Conference is set to take place in the capital between February 22-29, according to its website.
Cybersecurity experts say North Korea has links to a hacking unit known as Lazarus, which is allegedly responsible for targeting banks, bitcoin exchanges, cash machines and ransomware outbreaks in an attempt to generate funds for the regime.
Despite U.N. sanctions against North Korea being in place since 2006, designed to curb its nuclear missile programs, the hermit kingdom reportedly brought in up to $2 billion for those programs with the use of cyberattacks in recent years, Reuters reported last August. The U.S. government refers to the North Korean government cyber activity under the name Hidden Cobra.
Ignoring the warnings could have serious consequences.
Two months ago, U.S. citizen Virgil Griffith, 36, was charged after going to the North Korea tech event last April to "deliver a presentation and technical advice on using cryptocurrency and blockchain technology to evade sanctions," the Department of Justice (DoJ) said.
He was charged with conspiring to violate the International Emergency Economic Powers Act, which carries a maximum sentence of up to 20 years in prison.
The U.S. state department said it previously denied Griffith permission to travel to the nation, which is officially titled the Democratic People's Republic of Korea, or DPRK.
"Griffith provided highly technical information to North Korea, knowing [it] could be used to help North Korea launder money and evade sanctions," said U.S. Attorney Geoffrey Berman. "In allegedly doing so, Griffith jeopardized the sanctions that both Congress and the president have enacted to place maximum pressure on North Korea's dangerous regime."
According to the conference website, organizers welcome U.S. passports, which it says will not be stamped "so there will be no evidence of your entry to the country." It also adds: "Your participation will never be disclosed from our side unless you publicize it on your own."
There is no full program schedule listed online. The itinerary shows multiple tourist trips before daily events, held inside the Pyongyang's Science and Technology Complex.
The main days are simply listed as: "Blockchain and Cryptocurrency conference."
Day five is described as containing a "general business presentation and private business meetings with interested counterparts." After a visit to the Masikryong Ski Resort on days six and seven, attendees will transfer to the airport and return to Beijing on day eight.
"The interest of participants to continue building bridges of friendship and collaboration with the DPR of Korea, as well as the exclusive environment of confidentiality and contacts with the highest government officials and engineers, demanded to organize a second conference with even more audience and wider scope," reads a blurb on the conference's website.
It remains unknown how many people are expected to attend. The conference website says the notoriously brutal country is safe for visitors, with some caveats.
"The DPRK can be considered the safest country in the world. As long as you have a basic common-sense and respect for the culture... you'll be always welcome," it notes.
Applicants have to send a scan of their passport and full address, phone numbers and a CV. It does not accept passports of citizens from South Korea, Japan and Israel. Journalists are not allowed to attend in order to "preserve the confidentiality of the participants."
While it can prove difficult to attribute digital attacks to an exact culprit, evidence of North Korea's cybercrime has mounted in recent years. Its fingerprints were found on a brazen attack on the Bangladesh Central Bank in 2016 which tried to siphon over 800 million.
"Lazarus is not just another APT actor. The scale of the Lazarus operations is shocking," analysts from Kaspersky noted in a report exploring the inner-workings of the group in 2017. APT, often used to describe state hacking units, stands for Advanced Persistent Threat.
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North Korea is Holding a Secretive Cryptocurrency Conference, and Experts Warn it's a Very Bad Idea to Attend - Newsweek
Ripple Price Analysis: XRP/USD capitalizes on the global cryptocurrency bulls’ run – FXStreet
Ripple's XRP, now the 3d largest digital asset with the current market value of $10.1 billion has gained over 7% in recent 24 hours. The coin touched the highest level of 2020 at $0.244 on Tuesday and retreated to $0.2323 by the time of writing. The coin has been moving in sync with the global cryptocurrency market, driven by a strong wave of bullish sentiments.
The Chairman of the US Commodity Futures Trading Commission (CFTC) Heath Tarbert thinks that it is not clear whether XRP is a security. The Agency has been working with the US Securities and Exchange Commission (SEC) to figure out the status of Ripple's token. Notably, the head of CFTC has now doubts as to the status of Ethereum, which is regarded as a commodity.
Meanwhile, Ripple Labs is often accused of earning from XRP sales to retain investors: Ripple executives deny the claims saying that they sell token for negligible amounts compared to other sources of funding.
XRP/USD bottomed at $0.2259 during early Asian hours and recovered to the area above $0.2300 by the time of writing. While the coin is still below the recent highs, a sustainable move above $0.2200 the previous recovery high of $0.2250 has improved the short-term technical picture. The crucial support area is created by a combination of SMA50 1-hour and the lower line of 1-hour Bollinger Band on approach to the above-said psychological $0.2200. If it is broken, the sell-off may be extended towards $0.2130 (SMA200 1-hour).
From the longer-term point of view, strong support is created by SMA50 daily at $0.2080 followed by the middle line of the daily Bollinger Band at $0.2045.
On the upside, the key barrier is created by SMA100 daily currently at $0.2430. This resistance area has been validated twice, which means that the bulls will have a hard time with it. Once it is out of the way, the upside is likely to gain traction with the next focus on psychological $0.2500. The ultimate resistance comes at $0.2680 (SMA200 daily).
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Ripple Price Analysis: XRP/USD capitalizes on the global cryptocurrency bulls' run - FXStreet
Bitcoin rises as cryptocurrency has its best January since 2012 – SiliconANGLE News
Bitcoin has continued its strong form this month, teasing $9,000 briefly in its best January since 2012, despite an apparent easing of Middle East tensions that werepreviously attributed to its increasing price.
Bitcoin is up 21% since the beginning of the year, and some experts now claim it could double in price by the end of the year. Bitcoin was trading at $8,654.71 as of 10 p.m. EDT, down 1.6% over the last 24 hours but still its highest price since mid-November.
CNBC reportedtoday that the price increase is being driven by the launch of CME Group Inc. bitcoin futures in December along with the forthcoming bitcoin halving taking place in May. Halving isa processby which the reward for mining bitcoin is halved, making the production of new coins more difficult often causing bitcoins price to surge.
On debut, the CME bitcoin futures did not find a willing audience, but in the space of a month, the futures contracts have become more popular. Over 1,000 bitcoin futures contracts were traded in the last day covering options ranging from January through to December. The options also hit a new transaction high per dollar value Jan. 14. The futures contracts are particularly notable as they are settled in bitcoin, driving additional demand.
Increasing demand for CME bitcoin futures also reflects growing acceptance of bitcoin and bitcoin-related products among institutional investors. A recent survey of financial advisors found that the percentage looking to allocate cryptocurrency as an asset is expected to more than double in 2020, from 6% to 13%.
The bitcoin halving in May will see the supply of new bitcoin available through bitcoin mining halved, hence the name. A halving is triggered every 210,000 blocks on the bitcoin blockchain. As Cointelegraph explains by way of analogy, its a bit like gold and gold mining, there being afinite supply of gold with mining becoming more difficult over time.
The halving also occurs to prevent all bitcoin from being immediately mined. Bitcoin has a maximum 21 million coins, with 18 million currently in circulation. By making the process harder, all of those coins wont be mined out.
The reduction in the ability to mine bitcoin at the same rate also produces scarcity in that less bitcoin is coming into circulation, thus driving up the price.
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Bitcoin rises as cryptocurrency has its best January since 2012 - SiliconANGLE News