Glossary
Halving
A programmed cut to the block reward for miners or validators, usually halving supply growth every four years.
A halving reduces the new tokens created per block by half. Bitcoin's schedule does this roughly every four years, cutting issuance until the reward becomes negligible.
It was designed to keep inflation of the asset low and predictable regardless of price. The secondary effect is narrative: a fixed date on which a known supply reduction arrives.
The event is entirely scheduled and known years in advance, so it is not new information on the day. What varies is how much of it is already reflected in the price beforehand.
Related terms
Airdrop
Free tokens distributed to wallet addresses, usually to reward early users of a protocol.
AMM
Automated Market Maker — a protocol that prices assets with a formula instead of an order book.
APR vs APY
APR is the yearly rate without compounding; APY includes compounding and is always higher.
ATH
All-Time High — the highest price an asset has ever traded at.
Bear Market
A prolonged decline, conventionally 20% or more from recent highs.
Bull Market
A prolonged rise driven by new demand, easy credit and rising confidence.