CDS Crypto News Bitcoin price rebounds, surpassing 70,000 Dollars as the halving approaches in 25 days
Crypto News

Bitcoin price rebounds, surpassing 70,000 Dollars as the halving approaches in 25 days

As speculation surrounding the upcoming halving intensifies, Bitcoin edges closer to its record peak, breaching $70,000 on Monday following a period of consecutive losses.

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Bitcoin price rebounds, surpassing 70,000 Dollars as the halving approaches in 25 days

Crypto News– Bitcoin has surged back above the $70,000 mark with the halving event looming just 25 days away. This milestone comes after a period of decline lasting about a week. According to CoinGecko data, Bitcoin is currently trading at $70,561, marking a notable 9% increase in the past 24 hours and a 5.5% rise over the last seven days. The last time Bitcoin reached this price level was on March 14 before it began a downward trend, experiencing various fluctuations attributed to ETF outflows, flash crashes on cryptocurrency exchanges, and concerns about inflation.

Bitcoin price rebounds, surpassing 70,000 Dollars as the halving approaches in 25 days

In early March, Bitcoin faced a 3% drop following reports of higher-than-expected U.S. inflation rates for February. Subsequently, a flash crash on the BitMEX exchange caused Bitcoin’s price to plummet by 7% from $67,709 to $62,133.

The recent bullish momentum in Bitcoin can be traced back to the SEC’s approval of the first spot Bitcoin ETFs in January. While surpassing $70,000 again may signal optimism among investors, Bitcoin still remains approximately 4.7% below its all-time high of $73,737, reached on March 14. The upcoming Bitcoin halving, occurring approximately every four years, involves a reduction in the amount of Bitcoin rewarded to miners by half. Speculators often anticipate a surge in Bitcoin’s price post-halving, sometimes doubling or even quadrupling in value.

Bitcoin Reaches 70,000 Dollars Again Ahead of 25-Day Halving

John O’Loghlen, Managing Director at Coinbase Asia-Pacific, highlighted the significance of new demand stemming from the introduction of spot ETFs, suggesting a potential shift in Bitcoin’s trajectory.

However, despite the prevailing bullish sentiment surrounding Bitcoin, experts advise caution, particularly when considering historical trends around halving events. Additionally, the broader cryptocurrency market is experiencing an uptick, with Ethereum witnessing nearly a 9% increase, trading at $3,630, and Solana surging by almost 13% to a price above $194.

Bitcoin price rebounds, surpassing 70,000 Dollars as the halving approaches in 25 days

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