The highly anticipated Bitcoin halving event occurred on Saturday, April 20th, marking the 840,000th block mined on the world’s largest blockchain. Despite the hype and anticipation surrounding the event, the price of Bitcoin (BTC) remained steady.
According to the data, when the halving block was mined, BTC was priced at $63,976, netting a 1% gain over the previous 24 hours. The price was essentially unchanged at $63,873.
The highly anticipated event’s minimal effect comes after several days of volatility, including a steep drop in the Bitcoin price to $59,573 on one major exchange late on April 19th, followed by a recovery back above $64,000 hours later.
The Bitcoin halving, which occurs every 210,000 blocks, slashes in half the rewards given to miners for generating each new block. While directly affecting miners and mining firms, crypto enthusiasts closely monitored the potential impact on the price of BTC.
Prior to the halving, analysts debated whether the recent bull run was already over, and environmentalists questioned if the diminished reward would lead to less mining and improved environmental conditions.
JPMorgan had opined, “We do not expect Bitcoin price increases post-halving as it has already been priced in,” and the steady price action initially validated the firm’s assessment.
Also Read: Bitcoin Halving: “Buy the Dip” or Wait? Experts Weigh In
