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The oldest and largest blockchain entered its 840,000th block at midnight UTC Saturday morning, April 20 — yes, at 12:10 a.m. on 4/20 — marking the most recent Bitcoin halving. Despite all the hype and speculation, the price of BTC remained flat.
According to data from CoinGecko, BTC was priced at $63,976 with the Pivotal block gaining 1% in the previous 24 hours. Half an hour later, it was essentially unchanged at $63,873.
The last good result of the long-planned and closely watched event follows a rollercoaster of days – a sharp drop in the price of Bitcoin on one major exchange late yesterday to $59,573, followed by a nice recovery after 65,000 hours – and a very disappointing last month.
Just yesterday, JP Morgan commented, “We don't expect Bitcoin's price to rise after the halving as much as it has in the past. The company was at least half right.
The deterministic process, which halves the rewards given to Bitcoin miners for each new block generated, aims to simplify block creation and directly affects mining companies, mining pools and independent miners. But crypto watchers will invest in the outcome, laser focused on the possible impact of the event on the price of BTC.
Bitcoin broke above $73,000 last month to set a new all-time high, part of a widely celebrated Bitcoin bull run that some have shown unusual strength, albeit unexpectedly early. But the coin soon bottomed out, a trend blamed on everything from threatening U.S. economic metrics to Middle East unrest.
On the eve of the half-day, countless questions remained.
Analysts have debated whether the recent bull run is already over, and environmentalists have questioned whether the reduced bounty will lead to less mining and better environmental conditions.
Was it half price before? Will the price of Bitcoin drop as usual after this moment but eventually rise to new highs? Maybe the experts said.
With Bitcoin halving in less than an hour, the event's immediate and long-term price impact is yet to be seen. For now, as major financial markets enjoy their weekend break, the crypto community is mostly happy and optimistic.
The impact on Bitcoin miners can be more tangible. After all, the first reward for producing a block was 50 Bitcoin. Until this most recent halving, the bonus was 6.25 BTC. The reward for the next four years or 210,000 blocks is 3.125 BTC. A lot can change in a single day, and anything else will be waiting for 2028.
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