Summary
Bitcoin’s price has surged to over $71,000 ahead of the upcoming block rewards halving in April. The halving event historically leads to a surge in Bitcoin’s price, but some argue that external macro factors also play a role. The arrival of U.S. spot Bitcoin ETFs and high interest rates could impact Bitcoin’s price post-halving.
Key Points
1. The price of Bitcoin has surged to a weekly high of over $71,000, just weeks before the anticipated block rewards halving.
2. Bitcoin is currently trading at $70,955.86, up 5.9% on the day and 10.9% on the week, showing volatility in recent weeks but recovering from losses.
3. The upcoming Bitcoin halving, set to take place in April, will cut the block reward for miners in half, historically leading to a surge in the cryptocurrency’s price.