Skip to content

Bitcoin Is Booming, Hits Highest Price Since the Halving - Decrypt

Bitcoin Is Booming, Hits Highest Price Since the Halving - Decrypt
The price of Bitcoin just touched its highest point since last month's halving, hitting a level not seen in more than a month.

Table of Contents

Bitcoin's price has reached its highest point since the much-anticipated halving event on April 19, hitting a recent high of $67,422 on Friday before dropping again. CoinGecko data shows that the cryptocurrency has increased by nearly 3% in the past day and over 9% in the past week, now priced at $66,750. This is the highest price Bitcoin has reached since April 13. The halving, a quadrennial event built into the coin's code, caused the price to drop, but experts had anticipated this. A combination of factors, including geopolitical turmoil, cooling hype around new spot exchange-traded funds, and investor uncertainty about the Federal Reserve's next moves, led to Bitcoin's price dropping to under $57,000 last month. Despite the recent rise, Bitcoin's price is still below its all-time high of $73,737 set in March. The halving, which took place on April 19, reduced miners' rewards from 6.25 BTC to 3.125 BTC for each block they process, making it more difficult to create new virtual coins over time. The rise in Bitcoin's price this year is largely due to new investors investing in the asset through the new spot ETFs, which were approved in January and have received billions of dollars in inflows.