Bitcoin euphoria is back as investors prepare for the quadrennial ‘halving’
CNN
Bitcoin rose to $50,000 Monday for the first time in two years, fueled by a rush of new-investor enthusiasm and growing anticipation over a cryptic-sounding event known as “the halving.”
Bitcoin rose to $50,000 Monday for the first time in two years, fueled by a rush of new-investor enthusiasm and growing anticipation over a cryptic-sounding event known as “the halving.” Bitcoin, the world’s most popular cryptocurrency, dipped back into the high 40s on Tuesday, snapping seven straight days of increases, and it remains far from its all-time high of around $69,000. But bitcoin has staged a remarkable comeback over the past year and half, climbing more than 200% from its 2022 low of $16,000. There are a few key forces forces driving the latest bitcoin euphoria, including an influx of money from investors in newly launched bitcoin exchange-traded funds and excitement over the halving, when the rate of bitcoin production is slashed. “Now that $50,000 has been topped, $69,000 followed by $100,000 look achievable in 2024 as the narrative switches from the ETFs to the upcoming halving,” said Antoni Trenchev, the co-founder of crypto lender Nexo Capital. “Which is exciting because if history rhymes, the next 12-18 months is going to be a scorcher for crypto.” The halving, also called the “halvening,” is a foundational concept in the bitcoin philosophy. Put simply: The halving is a feature in bitcoin’s infrastructure that automatically reduces the rate of new coins entering circulation. It takes place roughly every four years and, in theory, pushes the price of bitcoin higher.
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