Bitcoin Rebounds Near $69,000 as Halving Event Approaches

Bitcoin's price is rebounding following a challenging beginning to the month, just under two weeks away from the highly anticipated halving event.

Azcnews (1)

Bitcoin is recovering after a period of stability to start April, bouncing back above $69,000 on Thursday ahead of the network’s upcoming halving event expected in a few weeks.

Bitcoin rebounds to $69,000

The price of Bitcoin has risen 5% in the past 24 hours, reaching $69,100, reversing a three-day trend that saw the top cryptocurrency drop below $70,000 and nearly touch $65,000 on Tuesday before bouncing back on Thursday.

Bitcoin Chart
Bitcoin Chart

Bitcoin’s halving event occurs every four years to reduce the amount of BTC miners receive as a reward for successfully producing a new block. Its aim is to slow the increase of the circulating supply and curb inflation, often associated with an increase in asset prices.

With the next halving event scheduled for April 20, Bitcoin’s price surged in March to a new all-time high of $73,737, skyrocketing multiple times throughout the month as it continued to climb higher. The previous all-time high for Bitcoin was set in November 2021 at around $69,000.

Timing of Bitcoin Halving Event

The estimated date for the halving event has changed in recent weeks, as the event is tied to a specific block on the network, as well as Bitcoin’s activity and demand helping determine the network’s speed at that time. Currently, it is scheduled for April 20 or 4/20, with some notable memes fitting well with the current price level, along with some other memes.

Bitcoin Halving
Bitcoin Halving

Bitcoin’s latest price increase has caused similar fluctuations across the entire market, with no surprises, rising 4% each day on data from CoinGecko. Ethereum (ETH) rose nearly 4% to $3,415 today, while Dogecoin (DOGE) surged 6% to $0.186 and Binance Coin (BNB) was the strongest performer among the top 10 cryptocurrencies with an 8% increase to $597.

Related: Surge of Bitcoin Exiting Coinbase Exchange Unexpectedly

Two of the largest gainers among the top 100 cryptocurrencies by market capitalization are closely linked to Bitcoin. ORDI, a BRC-20 token minted through the Bitcoin Ordinals protocol, surged nearly 15% in a day with the current price above $64, while Bitcoin Cash – forked from Bitcoin – rose about 12% to $644 after its own halving event earlier this year.

(5 votes)

5.0/5

(5 votes)
  1. Avatar of
    Anonymous

    Nice

  2. Avatar of Nnadi Valentine
    Nnadi Valentine

    Good project

  3. Avatar of
    Anonymous

    Good

Comments are closed.

Latest

Crypto Market Faces Volatility Ahead Of Trump Tariff Pause Expiration

News | Editor Choice | Policy & Regulations

Crypto Market Faces Volatility Ahead of Trump Tariff Pause Expiration

The crypto market is entering a sensitive phase as the Trump tariff pause nears its end and nearly $15 billion in Bitcoin options are set to expire, putting significant pressure on investor sentiment.

Pi Coin Faces Selling Pressure Ahead Of Pi2day

News | Editor Choice | Pi Network

Pi Coin Faces Selling Pressure Ahead of Pi2Day

Ahead of the Pi2Day event on June 28, Pi Coin is under strong selling pressure while Pi Network announces a series of new updates, including the KYC Sync feature and upgrades to the Pi Browser aimed at improving user experience and accelerating the transition to Mainnet.

Bitcoin Could Drop To $100,000 Soon

Bitcoin | Editor Choice

Bitcoin Could Drop to $100,000 Soon

Although Bitcoin has surged following the stabilization of the Middle East situation, it could still fall below the 100,000 USD mark in the near future.

Coinbase Stock Hits New High As Analysts Split On Future Rally

News | Altcoin | Editor Choice | Policy & Regulations

Coinbase Stock Hits New High as Analysts Split on Future Rally

Coinbase (COIN), the crypto exchange giant, has just set a new all-time closing high, despite growing concerns that the stock may be due for a short-term correction.

Ai Crypto App Users Double This Year

Editor Choice | Altcoin

AI Crypto App Users Double This Year

According to a report from DappRadar, there are approximately 4.5 million wallets using AI applications on the blockchain, marking an 86% increase this year.