Bitcoin hovers around $63,600 following the halving

Following the halving, bitcoin’s hovering around $63,600

April 19, 2024 08:31 pm

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.

Newsletter

Subscribe to The Breakdown

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.

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:

The Breakdown: Decoding crypto and the markets. Daily.
0xResearch: Alpha in your inbox. Think like an analyst.

Tags

Newsletter

The Breakdown

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Digital Asset Summit 2026

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

buy tickets learn more

recent research

Research

Kinetiq Protocol: From LST Infrastructure to HIP-3 Deployer

Kinetiq has established itself as Hyperliquid's dominant liquid staking protocol, holding 82.5% of LST market share with $610M in TVL. The protocol is now expanding beyond its kHYPE staking core into higher take-rate verticals: iHYPE for institutional custody rails, Launch for HIP-3 capital formation, and Markets for builder-deployed perpetuals. We view Markets, launching Jan. 12, as the highest-potential product line given its mechanically scalable, activity-linked unit economics. Near-term revenue remains anchored by kHYPE's KIP-2 fee schedule (~$1.6M annualized), while Markets provides embedded optionality if HIP-3 economics normalize post-Growth Mode. KNTQ's setup is relatively clean: zero insider unlocks until November 2026, 6.2% buyback yield from staking revenue, and cleared airdrop overhang. Risks center on unproven Markets execution, declining kHYPE TVL despite ongoing incentives, and competition from Hyperliquid's native initiatives.

by Shaunda Devens