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Description by Mitchell Prefer for Decrypt.
The long awaited Cut in half The event took place on 4/20 and after all the rumors and speculations, Bitcoin … is sitting pretty.
CoinGecko shows the coin's highest price at $64,041 after falling 5% in seven days. In the last 24 hours—including the fourth reduction in mining rewards since BTC was born—nothing has moved.
It was still a dramatic week for the market value of the largest digital asset, after last weekend was hit by massive outflows and trouble in the Middle East. At one point, it dipped below $60,000 for the first time since late February.
The latest high of nearly $74,000 was reached last month. After the halving, BTC doesn't seem likely to fuel a bull run, but a bear attack also seems unlikely.
Still, experts told Decrypt, the half-finished process often leads to volatility.
Elsewhere in the market, the price of Ethereum fell by more than 6%. The second largest digital coin is now worth $3,063. At the beginning of the week, a report showed that investors were quickly withdrawing money from digital asset investment products following Ethereum, and it certainly took a big hit from the big coins and tokens.
In the world of altcoins, meme coins have also fared badly, with Pepe, Bonk and Dogecoin all down significantly – 12%, 13% and 10% respectively in the past week.
ApeCoin crashed earlier in the week as the broader crypto market hit highs, but has recovered from hitting all-time lows. In seven days, it's down about 3% and now trades at $1.26.
Edited by Ryan Ozawa.
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