Strengthening After Bitcoin Halving, Market Still Wary of US Economic Data

Liputan6.com, Jakarta The price of Bitcoin (BTC) began to recover earlier this week by exceeding USD 65,000, managing to recover from the slump in trading last week where BTC had fallen to the level of USD 60,000.

On Tuesday (23/4/2024) at 08:00 WIB, the price of Bitcoin moved at USD 67,045, jumping 3.45 percent in the last 24 hours and strengthening 5.50 percent in the last seven day period.

Meanwhile Ethereum (ETH) is perched at USD 3,218, experiencing an increase of 2.23 percent in the last 24 hours and strengthening 4.45 percent in the last seven day period. Meanwhile, the total market capitalization of crypto assets rose 3.15 percent in the last 24 hours to USD 2.393 trillion.

Previously, geopolitical tensions between Iran and Israel had caused Bitcoin prices to plummet below USD 61,000 on Friday (19/4/2024), the day before the Bitcoin halving. On the other hand, US spot bitcoin ETF trading experienced a net outflow for two consecutive weeks, where the period 15-19 April closed with a net outflow of USD 204 million.

The Bitcoin network recorded a spike in transaction fees prior to the halving as a result of the emergence of the Runes Protocol developed by Ordinals founder Casey Rodarmor.

4th Bitcoin Halving

The 4th Bitcoin halving event finally took place successfully on Saturday (20/4/2024) at 07:00 WIB. This time the halving occurred at block height 840,000 and when the halving occurred Bitcoin was around USD 64,000.

Financial Expert Ajaib Crypto Panji Yudha said the Bitcoin halving did not directly cause an instant spike in BTC prices. Bitcoin prices may move sideways or down for a while after the Halving, but this does not mean that the bull market has ended.

“Potency bullish “Most likely it will resume a few months after the Halving, so that it can push BTC beyond the all time high of USD 73,000 and alt season will occur again,” he said.