Bitcoin Price Holds Steady After Halving Event

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On April 20th, the significant Bitcoin halving took place as we reached the mining of block number 840,000 on the most prominent blockchain. The excitement and expectations leading up to this moment did not translate into a price increase for Bitcoin (BTC).

Based on the information available, the Bitcoin price stood at $63,976 when the latest block halving occurred. This represented a minimal increase of 1% compared to the prior day’s price. Notably, the price remained relatively stable at approximately $63,873.

After much excitement, the impact of the long-awaited event has been relatively small following several volatile days. On one significant exchange, Bitcoin’s price plummeted to $59,573 on April 19th, while later that same day it rebounded and surpassed $64,000 once more.

Every 210,000 blocks mined on the Bitcoin network, the reward for mining a new block gets cut in half. This change primarily affects miners and mining companies, but Bitcoin fans keep a keen eye on how it might influence the cryptocurrency’s price.

Before the cryptocurrency halving occurred, there were differing opinions among analysts about whether the current bull market had ended, and concerns from environmental advocates that the reduced rewards might result in fewer miners and a potential positive impact on the environment.

JPMorgan expressed the view that the price of Bitcoin wouldn’t rise following the halving event because the increase had already been factored in. At first, the Bitcoin price remained unchanged, supporting JPMorgan’s perspective.

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2024-04-20 14:44