Bitcoin’s long-anticipated halving event, which halved the block reward to 3.125 BTC from 6.25 BTC, has occurred over the weekend. While this event typically triggers price rallies due to the reduction in new Bitcoin issuance, it did not have the same effect this time.
Bitcoin’s halving event takes place roughly every four years and aims to slow the entry of new coins into the crypto economy, contributing to the asset’s scarcity over time. With a strict supply limit of 21 million Bitcoin, over 19 million have already been mined.
Despite the lack of immediate price surge following the halving, Bitcoin’s value has grown over the past seven days, experiencing a 5.89% increase, but it remains below the $70,000 threshold. Similarly, Ether (ETH) has risen by 4.76% but stays under $3,500.
The halving event highlights Bitcoin’s scarcity and the potential for future value appreciation. However, the lack of substantial price gains suggests other factors may influence Bitcoin’s short-term price movements.
