So one of the big events in crypto just happened. As far as I can see in the chart, there was some volatility getting into it yesterday, but nothing significant happened in terms of price action.
The halving event happened 2:23 p.m. CST on Monday. Since the first ever BTC block was generated back in 2009, there have been three halving events. They take place once every 210,000 blocks mined, or typically once every four years, a halving truncates the present miner block reward by 50%. The latest halving reduced the mining rewards down from 12.5 BTC to 6.25 BTC. Previous halving events were in 2012, and 2016. As a sidenote BTC only have a fixed supply of 21M coins and the halving is expected to last until the year 2140. Currently, there is about 18.37 million BTC in circulation.
BTC Hourly Price Action
With that background many people had expected a lot of price movement, which didn't happen. Generally halving event is attached to longer term price rally, but in my opinion that is fairly limited impact. BTC is still in a longer term bull market as an alternate store of value, and regardless of the price and short term action it will continue to be so.
Yeah, there is that $1000 drop in the BTC price, but that is not much of a big deal for BTC other than running a few stops. As of this writing price is stable around $8600 and halving event is behind us.
Steem Price Action
Not too much to talk about here as well, prices are stable around 1900 satoshis. It is forming a stable base, which way it breaks that is the question.
For steem prices to move in either direction, we need a catalyst. What would that be, is the million steem question.