Bitcoin Pinned At $63K As Halving Approaches
By Laxmikant Khanvilkar
Virtual digital assets (VDA) have staged partial recovery in prices during the past 24-hours as the markets experience relief in the face of higher-for-longer U.S. interest rates, which battered risk sentiment.
The focus was also on the halving event, which appeared imminent, and its impact on the long-term supply of Bitcoin (BTC).
The largest cryptocurrency by market value was seen climbing towards $63,000 mark. It recently traded at $62,710 up 2%. The token remained in a trough between $60,000 and $70,000 for a month after hitting a record high above $73,000 in March.
Focus is now on the upcoming halving event, which will take place with the generation of block no. 840,000 on the Bitcoin blockchain. Less than 300 blocks were left to reach the block, with the halving set to take place by April 20.
Halving would result in the reduction of new Bitcoin being mined, and hence the token scarcity, which will lead to price rise. However, according to JPMorgan, it is more likely that BTC will witness downward pressure following the halving event.
The strength of bitcoin echoed through most crypto markets.
Ethereum (Ether), the second largest cryptocurrency by market capitalisation, reclaimed $3,000 level and recently changed hands at $3,032 adding 0.8%.
Elsewhere, Solana, ADA, AVA, BNB, alongside certain altcoins quoted in the positive territory.
The global crypto market cap increased 3% to $2.3 trillion in the last 24 hours. On the other hand, the total crypto market volume fell 12% to $85 billion. Total volume in DeFi is currently $6 billion, and all stablecoins are $80 billion, representing 7% and 94%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 54%, unchanged over the day.
The IC15 index, the barometer of the top fifteen tokens, surged 4% to 78,542.
Meanwhile, Ethereum blockchain has generated substantial profits of up to $369 million during the first quarter of 2024. Collection of transaction fees is a critical aspect of Ethereum’s business model. Reduced transaction costs, making Ethereum a more attractive platform for users and developers.
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