Bitcoin Hovers Around $70k as Halving Draws Closer

TL;DR

• Bitcoin was trading around the $70k mark over the weekend following last week’s improved performance.

• The Bitcoin halving event will take place in 12 days.

BTC Settles Around $70k as Investors Eye Halving

Bitcoin, the world’s leading cryptocurrency by market cap, was stagnant over the weekend. It has been trading close to the $70k mark over the last two days following last week’s improved performance.

At press time, BTC is trading at $69,412, up by less than 1% in the last 24 hours. The mixed performance over the last couple of weeks comes as investors eye the upcoming Bitcoin halving event while inflow into spot Bitcoin ETFs declines.

The Bitcoin halving is slated to take place in 12 days. Bitcoin halving reduces the bitcoin emission per block, reducing the reward given to Bitcoin miners by 50%.

Currently, miners receive 6.25 BTC for every block they mine. However, the reward will decline to $3.125 BTC once the upcoming halving is complete. 

Historically, Bitcoin rallies and sets a new all-time high following each halving. However, thanks to the spot Bitcoin ETF approval, BTC saw a new all-time high prior to the halving.

Despite that, market experts believe that BTC could rally higher and reach a minimum of $100k in the coming months. Ripple’s Brad Garlinghouse is optimistic that the total cryptocurrency market cap will reach $5 trillion by the end of the year, fueled by the upcoming halving event. 

With BTC and Ether recovering from their recent slump, the total crypto market cap now stands at $2.59 trillion.