What is the origin of the idiom "with bated breath" and when to use it?

The phrase "with bated breath" originated from Shakespeare's play "The Merchant of Venice" and means to hold one's breath in anticipation or suspense. It is often employed in situations where people are eagerly awaiting an outcome, announcement, or significant event. This expression is commonly used in both formal and informal contexts, such as during important ceremonies, sporting events, performances, or when waiting for the results of a competition.