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Bitcoin Price Returns to $69,000 Ahead of 4/20 Halving


05 Apr 2024 5:49 PM

Decrypt, By Andrew Hayward

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.

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