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With bitcoin hitting new record highs, the crypto world is bracing for the next "halving," which occurs every four years. We break down how it works and what it means for investors.

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An illustration of bitcoin, left, and a stock image of two men shaking after signing a rental agreement.
An illustration of bitcoin, left, and a stock image of two men shaking after signing a rental agreement.
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Gary Gensler, the chair of the SEC.
Gary Gensler, the chair of the SEC.
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Sam Bankman-Fried (left), mackerel fish (right)
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Sam Bankman-Fried
FTX founder Sam Bankman-Fried.
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FILE PHOTO: A token of the virtual currency Bitcoin is seen placed on a monitor that displays binary digits in this illustration picture, December 8, 2017. REUTERS/Dado Ruvic/Illustration
FILE PHOTO: Bitcoin token is seen placed on a monitor that displays binary digits in this illustration picture
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A Hamas flag, left, and the Binance app on a phone, right, in a composite image.
A Hamas flag, left, and the Binance app on a phone, right, in a composite image.