The Bitcoin community's anticipation of the cryptocurrency's halving event, which occurs around 0014 GMT on Saturday, has not significantly affected its price, according to industry insiders on Monday.
Halving, a scheduled adjustment to Bitcoin's protocol designed to reduce the rate at which new Bitcoin is created, occurs approximately every four years. While previous instances where halvings correlated with price increases, Bitcoin's value has not shown a notable change this time, trading at $66,300 as of 1415 GMT on Monday.
The cryptocurrency had a modest 1.2% gain last week and was up 3.4% on Monday. However, it has fluctuated without clear direction since hitting a record high of $73,794 last month. Mick Roche, a senior trader at Zodia Markets, a cryptocurrency arm of Standard Chartered (OTC: SCBFF), said that current geopolitical events, such as easing tensions between Iran and Israel , is having a more pronounced impact on Bitcoin price than the halving.
