The halving event effectively reduced the Bitcoin block reward from 6.25 $BTC to 3.125 $BTC, exacerbating competition among transactions on 20 April.
The geopolitical tensions escalating in the Middle East are thought to be a significant factor contributing to Bitcoin’s instability.
The halving, by reducing the rate at which new Bitcoins are generated, emphasises scarcity and has historically been a precursor to price volatility and rallies.