The price of bitcoin is rising, surpassing $72,000 (almost CZK 1.7 million). The halving of bitcoin, the so-called halving, is approaching in the second half of April. The number of virtual coins generated per day will be halved and the reward for bitcoin miners will also drop. In the past, the price of bitcoin increased after halving.
New high in BTC price reached in March 2024
At around 15:20 CEST, bitcoin had gained 3.8 percent in the past 24 hours to around $72,050, according to specialist server CoinDesk. During the session, the cryptocurrency climbed as high as $72,694.98.
In mid-March, bitcoin climbed to a new record high near $73,800. However, it subsequently weakened considerably and went down to about $60,800.
Newly approved BTC funds help growth
Since the beginning of the year, the largest and most famous cryptocurrency has gained over 70 percent. Analysts say the growth is driven by interest in newly approved bitcoin exchange-traded funds (ETFs), among other things, but the prospect that central banks in major countries will soon start cutting interest rates is also playing a role. In March, the Swiss central bank unexpectedly cut its key interest rate.
The number of digital bitcoin coins has been pre-limited to 21 million. They enter circulation gradually and every four years – during halving – the number of virtual coins generated daily is halved. A bitcoin halving will usually trigger a sharp appreciation. Over 19 million bitcoins have been generated so far.
Source.
