Bitcoin Surges And Reclaims $70000 Ahead of ‘Halving’: The price of Bitcoin has risen from recent lows to reclaim the $70,000 mark. According to CoinGecko, Bitcoin is currently trading at $70,561, up 9% in the last day and 5.5% in the past week.
Bitcoin Surges And Reclaims $70000 Ahead of ‘Halving’
Despite fluctuations attributed to ETF outflows, cryptocurrency exchange crashes, and concerns about inflation, Bitcoin has reached this level for the first time since March 14.
Some analysts attribute Bitcoin’s recent surge to a halving of its supply. In April 2024, there will be another Bitcoin halving, another factor likely to influence the recent surge.
Due to the supple demand disparity, Bitcoin’s mining reward could be cut in half, impacting supply and spiking the price. The demand for bitcoins from ETFs has been overwhelming, leading to higher prices because new supply cannot keep up with the demand.
The price is expected to increase even more after the halving scheduled for May, since only 3,150 new bitcoins are issued each week after that date.
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