Bitcoin Stabilizes Post-Halving As Geopolitical Tensions Intensify

Bitcoin (BTC) experienced significant fluctuations in the days leading up to the highly-anticipated fourth halving but has since stabilized. Meanwhile, Tether announced the launch of its two largest stablecoins on the Ton network, impacting the price of TON with an initial surge followed by a significant decline, currently down by around 12%.

Conversely, ICP surged by 13%, trading above $14, while ADA rose by 7%, nearing $0.5. Other larger-cap alternative cryptocurrencies are also experiencing gains, albeit more modestly. The total cryptocurrency market cap remains stable at around $2.450 trillion on CoinGecko.

Stability Post-Halving

Bitcoin encountered downward price movements starting last Friday, dropping to $65,000. While it saw a partial recovery the following day, it then dipped further to $61,000 amidst escalating tensions between Israel and Iran. The flagship crypto continued to lose value throughout the business week, with the recent attack on Iran leading to another price decline, pushing BTC below $60,000. However, it swiftly rebounded, reaching $65,000 as Iran indicated a lack of immediate retaliation. The past 24 hours have been less eventful despite the anticipation surrounding the fourth halving.

The completion of the halving event occurred recently, reducing block rewards to 3.125 BTC. Thus far, the price of Bitcoin has maintained relative stability, hovering around $64,000, with a market capitalization exceeding $1.250 trillion and dominance over alternative cryptocurrencies at 51.5% on CoinGecko.

Other Markets

As a result of the ongoing international conflict, The S&P 500 index stands at 4,967.23, showing a decrease of 0.88%, while the Nasdaq index records 15,282.01, marking a decrease of 2.05%. Crude oil prices are at 83.24, reflecting an increase of 0.62%, and the Euro is trading at 1.07, up by 0.12%. Meanwhile, the Dow Jones index is at 37,986.40, indicating a rise of 0.56%, and the Russell 2000 index is at 1,947.66, up by 0.24%. Gold prices are at 2,406.70, showing an increase of 0.36%, and silver is at 28.69, up by 1.57%. 

Elsewhere, Shanghai reports robust economic growth primarily driven by its industrial sector. Additionally, various Chinese companies are facing increasing scrutiny amid trade investigations. The Federal Reserve is also expected to maintain patience on interest rate cuts, supported by the upcoming release of its preferred inflation gauge. Earnings reports by major companies coincide with a crucial juncture in the stock market, with some valuations beginning to falter amidst concerns in debt markets.

Finally, Tesla announced massive workforce reductions and price cuts in response to slowing sales and growing inventories. The United States also passed new sanctions on Iran as part of a foreign aid package, and Petrobras settled a dispute by endorsing a 50% dividend payout.