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#Bitcoin Reclaims $72,650 Before #Halving
Bitcoin regained $72,650 11 days before its halving.
CoinMarketCap shows BTC up over 4% in 24 hours.
Bitcoin rose from $64k in Q2 2024 after a rough start. BTC is trading in the green and valued just over $72k on CoinMarketCap, up over 4% in 24 hours.
Bitcoin has 10 days and 22 hours till its April 20 halving event.
Bitcoin halving is a major occurrence every four years. A pre-programmed event in the Bitcoin blockchain code cuts miners' block reward by 50%.
Bitcoin automatically halves every 210,000 blocks.
Miners get less BTC for confirming transactions and creating blocks to the network.
The reward each block is 6.25 BTC as of April 8, 2024. The halving will lower it to 3.125 BTC each block.
Bitcoin halvings have caused considerable market volatility and price changes. These occurrences generally precede Bitcoin bull runs.
As miners get less BTC every block, their profitability may decline. This may cause miners to leave the network or process fewer transactions.
Transaction costs rise
Less miners completing transactions might reduce competition and raise user transaction prices.
Price swings
The Bitcoin halving is predicted, which may exacerbate price volatility in the weeks and months preceding up to and following it. Some observers think the halving might raise prices owing to shortage.
Bitcoin's recent price swings from $64k to over $72k this month demonstrate its tremendous volatility before the halving event.
Rising #BTC ETF interest pushes Bitcoin beyond $72k.
Bitcoin's price rise over $72k and demand in Bitcoin ETFs reflect optimism about its halving.
Santiment, an on-chain analytics startup, predicts that spot Bitcoin ETF traffic will stay strong until the Bitcoin halving event.
Since the cryptocurrency hit its all-time high in mid-March, the volume of Bitcoin ETFs has not dropped, demonstrating its rising popularity.
Citadel, Goldman Sachs, UBS, and Citigroup joined BlackRock's spot BTC ETF, IBIT, as Authorized Participants (APs).
