Bitcoin prices soared to their highest since the much-talked-about halving event on April 19, reaching a recent high of $67,422 on Friday before falling again.
The largest digital asset has gained nearly 3% in the past day, according to data from CoinGecko. The coin has gained over 9% in 7 days. Current price is $66,750. The last time Bitcoin hit today's highs was over a month ago, on April 13th.
Although Bitcoin fell after the halving (a quadrennial event built into the coin's code), experts said: Decryption That was as expected.
A combination of factors including geopolitical turmoil, subdued hype surrounding new spot exchange-traded funds (ETFs), and investor uncertainty over the Federal Reserve's next move pushed the crypto asset to 50,000 yen last month. It plummeted to less than $7,000.
Although Bitcoin prices have risen since then, they are still below the all-time high of $73,737 reached in March of this year.
Bitcoin halving took place late April 19th in the United States. With this, the power-intensive miner's reward for processing transactions on the network has been halved from 6.25 BTC to 3.125 BTC for each block he processes.
Bitcoin’s rally this year is largely thanks to new investors who have poured money into Bitcoin assets through a new spot ETF that was approved in January. This investment vehicle is extremely popular, with billions of dollars flowing into it.
Edited by Andrew Hayward
The views and opinions expressed by the authors are for informational purposes only and do not constitute financial, investment, or other advice.
