Bitcoin (BTC) Price Remains Stable at $64K on Halving Day (Weekend Watch)

post etf approval stagnation continues as bitcoin price fails to overcome

Bitcoin’s price faced extreme volatility in the days leading to the highly-anticipated fourth halving but has remained relatively still after its completion.

Most altcoins are slightly in the green on a daily scale, aside from TON, which has dumped by double-digits despite the big news coming from Tether.

BTC’s Calmness After Halving

The adverse price developments for Bitcoin started last Friday when the asset slumped from over $71,000 to $65,000. It recovered a couple of grand on the next day but further dumped to $61,000 hours later amid growing conflict between Israel and Iran.

After another unsuccessful rebound attempt on Monday, the cryptocurrency started losing value during the business week as well. Israel’s attack against Iran from earlier this week brought another price decline for BTC, which tumbled below $60,000 this time.

However, it quickly bounced off and spiked to $65,000 hours later as Iran said there will be no retaliation soon. The past 24 hours have been a lot less eventful, even though the Bitcoin network was preparing for the fourth halving.

The completion of the event happened hours ago, reducing the block rewards to 3.125 BTC. So far, Bitcoin’s price has remained relatively stable as it stands around $64,000.

Its market capitalization is at over $1.250 trillion and its dominance over the alts is at 51.5% on CG.

bitcoin/price/chart. source: tradingview

ADA, ICP on the Run

Perhaps the most notable news, aside from the halving, came from Tether and Ton yesterday. The former announced that it will launch two of its largest stablecoins on the latter’s network. This impacted TON’s price immediately, with a price surge but also with a massive decline in the hours after that. As of now, the asset is down by 12%.

In contrast, ICP has soared by 13% and trades above $14. ADA is up by 7% and has neared $0.5. The rest of the larger-cap alts are also in the green, albeit in a more modest fashion.

The total crypto market cap remains calm at around $2.450 trillion on CoinGecko.

cryptocurrency market overview 20.04.2024. source: quantifycrypto
cryptocurrency market overview 20.04.2024. source: quantifycrypto
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Cryptocurrency charts by TradingView.

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