Bitcoin hovers around $63,600 following the halving
Following the halving, bitcoin’s hovering around $63,600
Artwork by Crystal Le
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.
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.
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.
Read more: Bitcoin’s block reward slashed by 50% following 2024 halving
Despite historical precedent of bitcoin reaching new highs in the months following a halving, analysts warn this time could be different. JPMorgan researchers — along with most teams across the crypto industry — say the halving is already priced in.
In the months following bitcoin’s last halving in 2020, the crypto notched its former all-time high of $69,000. Similarly, in 2016, it hit $20,000.
Read more: The history of Bitcoin halvings — and why this time might look different
As Iranian-Israeli tensions persist, geopolitical tensions may still be weighing on crypto markets. On Thursday night, Israel carried out a retaliatory attack against Iran. Bitcoin crashed to below $60,000 following reports of the strike. It pared some losses Friday, trading in the mid-$60,000 range for most of the day.
Hashdex Chief Investment Officer Samir Kerbage told Blockworks via email that the firm believes, despite how the halving “plays out,” that “the investment case for bitcoin remains as strong as ever as institutional interest accelerates amidst a favorable macro environment and positive on-chain developments.”
Get the news in your inbox. Explore Blockworks newsletters:
- Blockworks Daily: Unpacking crypto and the markets.
- Empire: Crypto news and analysis to start your day.
- Forward Guidance: The intersection of crypto, macro and policy.
- 0xResearch: Alpha directly in your inbox.
- Lightspeed: All things Solana.
- The Drop: Apps, games, memes and more.
- Supply Shock: Bitcoin, bitcoin, bitcoin.
