🔥🔥🔥 #Bitcoinprice Returns to $69,000 Ahead of 4/20 #halving
Bitcoin is showing signs of a resurgence after a brief lull at the beginning of April, reclaiming its position above $69,000 on Thursday as the highly anticipated halving event approaches in a couple of weeks.
Over the past 24 hours, Bitcoin's price has surged by 5%, reaching $69,139. This marks a reversal from a three-day downtrend that saw the leading cryptocurrency dip below the $70,000 threshold and nearly touch $65,000 on Tuesday before rebounding on Thursday.
The Bitcoin halving, a quadrennial network event, reduces the amount of BTC rewarded to miners for successfully mining a new block. This mechanism aims to slow the growth of the circulating supply and mitigate inflation, typically resulting in an uptick in the asset's price.
In anticipation of the upcoming halving, expected around April 20, Bitcoin's price spiked in March, reaching a new all-time high of $73,737. Throughout the month, Bitcoin experienced several upward surges, surpassing its previous record set in November 2021 around the $69,000 level.
The exact date of the halving has fluctuated in recent weeks, as it is tied to a specific network block, influenced by Bitcoin's activity and demand. Presently, April 20, or 4/20, is the anticipated date, aligning with a significant meme number, which resonates with the current price—a phenomenon often observed in the #cryptocurrency space.
Bitcoin's rally has sparked a market-wide uptrend, with Ethereum up 4% to $3,415, Dogecoin climbing 6% to $0.186, and Binance Coin leading with an 8% increase to $597.
Two notable gainers among the top 100 coins are ORDI, up nearly 15% to over $64, and Bitcoin Cash, rising around 12% to $644 after its recent halving event.
Source - decrypt.co