Bitcoin Edges Closer to $45,000
Bitcoin has surged to over $45,000, driven by steady inflows into US exchange-traded funds and increasing risk appetite. Investor cash continues to flow into ETFs holding digital currencies, propelling Bitcoin’s rise to $45,600 on Thursday. Since January 12, when ETF trading began, Bitcoin has seen consistent gains despite initial outflows from Grayscale Bitcoin Trust. Caroline Mauron, of Orbit Markets, anticipates Bitcoin’s upward trajectory as Grayscale outflows diminish and halving approaches in April.
160% surge in Bitcoin value
The halving event, occurring every four years, reduces Bitcoin rewards, reinforcing its scarcity and long-term value. Miners’ rewards decrease from 6.25 to 3.125 coins per block, contributing to Bitcoin’s capped supply of 21 million tokens. The rally, which began in 2023 with a 160% surge in Bitcoin value, reflects growing investor interest and anticipation of ETF approval. The SEC’s approval of spot Bitcoin ETFs in January has spurred optimism, allowing multiple issuers to offer these instruments. Bitcoin’s ascent above $45,000 underscores its resilience and growing mainstream acceptance amidst evolving financial markets.
Bitcoin’s journey toward $50,000
The cryptocurrency market continues to attract investors seeking diversification and exposure to digital assets. Overall, Bitcoin’s journey toward $50,000 remains fueled by institutional adoption, market dynamics, and halving anticipation. In summary, Bitcoin’s recent surge beyond $45,000 reflects a broader trend of growing investor confidence and institutional adoption.
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“This data underscores considerably stronger profitability in the mining sector compared to challenges experienced in 2022 and part of 2023.”
In approximately six months, Bitcoin undergo a “halving,” reducing the new bitcoins awarded to miners by half. Satoshi Nakamoto introduced this event in 2009 as an anti-inflationary measure. Occurring roughly every four years, the lead-up to halvings traditionally proves the most profitable time for crypto investors. “Buying bitcoin six months before a halving and selling 18 months after has historically outperformed a ‘buy and hold’ strategy,” affirms the analyst.
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