So, it’s been just over a week since Bitcoin’s second halving and…well, in terms of the price, not much has happened!
Celebrated by groups of people across the globe (search #halving or #halvening on Twitter for some of the best posts), the 420,000th block on the bitcoin blockchain was mined just before 6:00pm by F2Pool.
With a bit of movement on the price in the lead up to the event, it has hovered around the £500 mark ever since. There was a host of speculation beforehand with various commentators predicting different outcomes but I tend to agree with the view that the halving has been built into the price for a while now.
Whilst not being able to predict with any real confidence what may happen to the price after a halving, everyone at least knows what exactly the block reward will be cut to and when roughly this will take place. There is no element of surprise with the halving and as such, allows for the price to accommodate for this prior to the event actually happening.
Since the start of the year the bitcoin price has risen over 50% and I would argue that the halving – along with other factors like the devaluation of the yuan and fears over Brexit – has played an important role in that increase.
Despite the slightly glib opening line to this post, I think the relative stability since the halving is hopefully just another sign of the resilience and growing maturity of the network.
Here’s to the next four years!
For a more detailed look at the halving Bitcoin Magazine have put this handy infographic together and Crush The Street dedicated a show to the event which featured Trace Mayer, Max Wright & Dave Scotese.