Summary
TLDR: Bitcoin underwent its halving, reducing block rewards, but price remained largely unchanged at around $63,600. Analysts warn that this time could be different as the halving is already priced in. Geopolitical tensions may be affecting the crypto market. Despite uncertainties, the investment case for bitcoin remains strong.
Key Points
1. Bitcoin underwent its quadrennial halving at 8:10 pm ET Friday in New York, reducing block rewards from 6.25 BTC to 3.125 BTC.
2. Immediately following the event, the price of bitcoin (BTC) was largely unchanged at around $63,600. It was trading 1.15% higher over 24-hours at time of publication, per Coinbase.
3. The largest cryptocurrency is now 13% lower than its all-time high of $73,000 set in March. It’s the first time bitcoin has entered a halving event so closely after hitting a new price record.