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Bitcoin is bouncing back from a lull to start April, climbing back up above $69,000 on Thursday as the network’s anticipated halving event is set to take place in a couple weeks.
The price of Bitcoin has jumped by 5% over the last 24 hours to a current price of $69,139, reversing a three-day trend that saw the leading cryptocurrency (by market cap) drop beneath the $70,000 level and nearly touch $65,000 on Tuesday before rising on Thursday.
The Bitcoin halving is the quadrennial network event that cuts the amount of BTC that miners receive as a reward for successfully producing a new block. It’s meant to slow the growth of the circulating supply and curb inflation, and is typically tied to a rising price for the asset.
In anticipation of the next halving, which is currently expected to take place on April 20, the price of Bitcoin spiked in March to a new all-time high price of $73,737, jumping several times during the month as it gradually pushed higher and higher. Bitcoin’s long-standing previous all-time high was set in November 2021 around the $69,000 mark.
The estimated date for the halving has bounced around in recent weeks, as the event is pegged to a certain network block, and Bitcoin activity and demand helps determine how quickly the network gets to that point. Currently, it’s expected on April 20 or 4/20, a notable meme number that aligns well with the current price—itself featuring another major meme number.
Bitcoin’s latest rise has unsurprisingly sparked similar action across the market, which is broadly up 4% on the day per data from CoinGecko. Ethereum (ETH) is up nearly 4% to $3,415 today, while Dogecoin (DOGE) has popped 6% to $0.186 and Binance Coin (BNB) is the biggest gainer in the top 10 coins with an 8% jump to $597.
Two of the biggest gainers in the top 100 cryptocurrencies by market cap are also tied to Bitcoin. ORDI, a BRC-20 token minted via the Bitcoin Ordinals protocol, is up nearly 15% on the day to a current price above $64, while Bitcoin Cash—forked from Bitcoin—is up about 12% to $644 following its own halving event this week.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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Source: https://decrypt.co/224879/bitcoin-price-69000-ahead-420-halving
