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This article originally appeared on Quartz.
After days of tumultuous trading, Bitcoin finally returned to above the $65,000-level Friday morning, thanks to its big “halving” event. The jump in Bitcoin price is a relief for investors after analysts at big banks including JPMorgan and Goldman Sachs have been less confident about the top cryptocurrency in their recent reports.
The Bitcoin “halving” event will cut the reward miners get for creating new Bitcoin in half, from 6.25 Bitcoin to 3.125 Bitcoin. Halving is an integral part of the Bitcoin blockchain system, which creates a monetary system that controls inflation. Halving happens every four years.
The positive sentiment spread across the crypto sphere, lifting the global crypto market cap to $2.35 trillion, 4% higher than the previous day, according to CoinMarketCap.
On Friday morning, Ether, the second-largest cryptocurrency by market cap, crossed the $3,000 mark after days with a nearly 2% jump. Ethereum-killer Solana was trading at $143, a 7% hike in the past 24 hours. Top memecoins such as Dogecoin and Shiba Inu also rose 4% each, trading at $0.15 and $$0.00002296, respectively.
#BitcoinHalving was trending Friday morning on X as crypto fans celebrates the event. The crypto community is watching Bitcoin and other cryptocurrencies closely during and after the halving.
There
has
been
a
lot
of
discussion
about
this
year’s
Bitcoin
halving
differing
from
all
previous
such
events,
primarily
because
the
top
cryptocurrency’s
price
reached
its
peak
a
month
before
the
halving
event.
That
has
never
happened
before.
Also,
the
approval
by
the
SEC
to
spot
Bitcoin
ETFs
has
benefited
the
cryptocurrency
industry
as
a
whole.
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