The long awaited Bitcoin halving came and went, bringing with it volatility that saw the price whipsaw 5% to 7% in each direction for the last iii hours leading up to block 630,000.

Earlier in the day, the top-ranked digital asset on CoinMarketCap managed a quick 8% rally from $8,475 to $9,168, but was rapidly snuffed out once the cost dropped below the support at $8,750.

Crypto market daily toll chart. Source: Coin360

On a more than interesting annotation, as the 629,999 cake was mined, f2pool inserted the message "NYTimes 09/Apr/2020 With $2.3T Injection, Fed's Plan Far Exceeds 2008 Rescue." The message is a clever ode to a similar note left in the Genesis block past Bitcoin creator Satoshi Nakamoto in 2009.

Nakamoto embedded "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks" in the starting time Bitcoin block, and f2pool's message references the U.South. Federal Reserve'due south recent $ii.iii trillion stimulus package aimed at protecting the U.Southward. economy from imploding due to the impacts of the coronavirus pandemic.

Bitcoin price muzzled as Twitter activity explodes

Generally, the halving followed the expectation of many apprentice and professional analysts who expected the mean solar day to be something of a non-event.

Many subscribed to the idea that the halving event was already priced in, and given the global economical dubiousness acquired by the coronavirus pandemic, few expected Bitcoin to pull off a double- or triple-digit rally as the halving occurred.

Despite the absenteeism of a rally, crypto Twitter was abuzz throughout the entire effect. Data from The TIE, an alternative data provider for digital avails, shows that over the past 24-hours, tweets from cryptocurrency-related accounts saw a surge in keyword mentions for the halving and Bitcoin.

24-hour Twitter word nautical chart. Source: TheTIE

Bitcoin's tweet dominance, the percentage of overall crypto tweets that an individual cryptocurrency accounts for on a given twenty-four hours, besides surged to a six-calendar month loftier every bit the halving event approached.

BTC Tweet Potency (vi months). Source: TheTIE

Similar increases in volume and sentiment can be seen in both Bitcoin'southward daily sentiment score and the volume of Bitcoin- and halving-related tweets.

BTC daily sentiment score vs. market cap (ane week). Source: TheTIE

According to The TIE founder Joshua Frank:

Today's daily sentiment score and tweet book show that on the day of its third halving, conversations on Bitcoin surged 72% (vs. the xxx solar day moving boilerplate) as Bitcoin surpassed 50K daily tweets for the starting time fourth dimension since June 2022.

In the month prior to the halving, the event became the dominant narrative for Bitcoin, as information technology was the most used word in Twitter conversations around the money. Despite recent downwards toll movement, 51% of tweets mentioning the halving remained positive today equally Bitcoin's Daily Sentiment Score quickly doubled from monthly lows just ii days agone.

Bitcoin still leads among all asset classes

Macro avails current year returns (%). Source: Skew

Despite the lackluster price activity from Bitcoin, the digital asset all the same leads as the peak-performing asset twelvemonth-to-date, with a significant atomic number 82 when compared to traditional markets and bolt.

The digital asset now has a lower inflation rate than aureate, but Charles Edwards of Capriole Investments warned:

This will be the almost roughshod Bitcoin Halving in history. Production cost is almost to double to $xiv,000. lxx% in a higher place the current price. Last halving, price was just 10% below production cost, and cost & HR collapsed -twenty%.

Without FOMO now, expect a big miner capitulation. thirty%+

Altcoins also performed poorly equally all eyes were glued to the halving event. Ether (ETH) dropped past ane.95%, XRP lost 2.47% and Tezos (XTZ)  is currently downwardly by iv.80%.

The overall cryptocurrency market place cap now stands at $236 billion and Bitcoin'due south say-so rate is 66%.

Keep track of top crypto markets in real time here