Bitcoin is growing and reaches the highest price since the halving

O Bitcoin price reached its highest point since the much talked about reduce by half event on April 19, reaching a recent high of $67,422 on Friday before falling again.

CoinGecko data shows that the largest digital asset increased by almost 3% the day before. In seven days, the currency rose more than 9%. It now costs $66,750. Bitcoin It last reached today’s peak price on April 13, more than a month ago.

Bitcoin fell after the halving – a quadrennial event incorporated into the currency code – although experts counted Decrypt what was to be expected.

A combination of factors, including geopolitical turbulence, the slowdown in enthusiasm around new spot exchange-traded funds (ETFs)and investor uncertainty surrounding the Federal Reserve’s next moves caused the virtual asset to plummet below $57,000 last month.

It has been rising since then, although the price of Bitcoin is still below the all-time high price of $73,737 set in March.

The Bitcoin halving took place late on April 19 in the United States. This led to minersEnergy-intensive operations that process transactions on the network have their rewards halved, from 6.25 BTC to 3.125 BTC for each block processed.

Designed as a feature of Bitcoin to make it deflationary, the idea is that the event will ensure that, as time passes, it becomes more difficult to make new virtual currencies. There have already been four halvings, and after about a year after each of them, the price of the currency has typically increased.

Bitcoin’s rise this year was mainly due to new investors putting money into the asset through the new spot ETFs, which were approved in January. The investment vehicles have been extremely popular, receiving billions of dollars in flows.

Edited by Andrew Hayward

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

´Source