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All eyes were on the price of Bitcoin on Wednesday as the number-one cryptocurrency by market capitalization topped $63,636 before tumbling to $59,557. Even so, two months before the halving, Bitcoin is less than 12% below its all-time high of $69,044 from November 10, 2021.
The distance Bitcoin needs to close before matching its all-time high continues to fluctuate; the last time Bitcoin ascended above $63,000 was April 12, 2021, according to CoinGecko.
Bitcoin’s rise to $60,000 began on Monday, when the price of Bitcoin was $50,926 before the price began to climb. By Tuesday, Bitcoin was trading at $56,737.
By 9 a.m. EST on Wednesday, Bitcoin crossed $63,000. The pump continued until 12 p.m. EST when the price fell by $3,000 to below $60,000. It stands at $61,240 at time of writing, up over 20% for the week and about 11.2% away from its all-time high.
The U.S. Securities and Exchange Commission’s approval of several spot Bitcoin ETFs and the upcoming Bitcoin halving brought in a new swarm of investors, sending Bitcoin’s price skyrocketing. The halving, a once-every-four-years milestone, is now expected to occur in 52 days on April 21, although the exact date and time will depend on network activity.
Just yesterday, Skybridge founder Anthony Scaramucci noted that the rally wrecked investors shorting Bitcoin. Scaramucci refuted JP Morgan CEO Jamie Dimon’s stance on being a cautious investor while at the same time continuing to call for Bitcoin to be shut down by policymakers.
Scaramucci speculated that the upcoming Bitcoin halving would quadruple the price of Bitcoin past $200,000 based on current market prices.
Dimon, however, may have the last laugh. During an interview with CNBC at the annual JP Morgan Global High Yield & Leveraged Finance Conference, Dimon noted the financial market’s ability to change quickly, cautioning against overly focusing on short-term economic indicators at the expense of understanding long-term trends.
Edited by Ryan Ozawa.