Bitcoin price is now more stable due to the halving. On Monday at 19:23 UTC, Bitcoin split the reward per mined block by 50% to 6.25 BTC. In the days leading up to the halving, BTC price was volatile, causing uncertainty among traders. On May 10, just 24 hours before the halving, BTC lost up to $1000 before climbing back and crossing $9000 on May 11.
Since the halving, price fluctuation has been between $9,500 and $9,820. Data from the data analysis platform Skew reveals Bitcoin’s at-the-money implied volatility dropped by over 20% within the last 24 hours.
Traders use implied volatility to gauge market expectations in the near future. Bitcoin’s halving was expected to increase Bitcoin’s price. However, a spike is yet to happen.
Experienced crypto analysts such as Cynthia Wu of Matrixport believe that Bitcoin already priced in its third halving. To Wu, the reduced price volatility is a result of this. For many months, members of the crypto community have gone back and forth on whether or not the halving was already priced in.
Consequently, BTC price volatility is not the only thing that has dropped. BitInfoCharts reports that hash rate volatility has also dropped by 13.02% in 24 hours. Just last week, the network’s hash rate hit a record high.
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