After sinking as low as $63,000 over the weekend, Bitcoin has rebounded and posted a 3% gain to start the week.
At the time of writing, the Bitcoin price is $66,964. Despite its 2.5% dip over the past week, BTC has still managed to surge 31% in the past month thanks to bullish momentum from traders.
There's now less than a month left before the next Bitcoin halving, which will see the reward paid to miners cut from 6.25 to 3.125 BTC. At the time of writing, it looks like it'll occur on April 19, according to NiceHash. But the exact date changes all the time. That's because halvings occur every 210,000 blocks and aren't scheduled to happen on exact calendar days. And although new blocks tend to take 10 minutes to be processed, it varies.
Bitcoin Halving Expected on 4/20 Again—Here's Why the Date Keeps Shifting
The Bitcoin halving—the quadrennial event that slashes the rewards miners earn for supporting the network—looked to be on target for April 20 (4/20) as of Valentine's Day last month. And at the time, Bitcoin investors were praying for a new all-time high price of $69,000. Ahem. Just over a week ago, however, the halving target had moved up to April 15, and Bitcoin had already blasted past its all-time price mark to $71,000. Meme number dream ruined? Well, only partially—because now the Bitcoin h...
Over the past week, the Bitcoin price has been volatile. And there's reason to believe it will continue to exhibit volatility leading up to the halving, Beam CEO Andy Bromberg told Decrypt. That's because investors tend to second-guess whether they've appropriately priced in the halving.
Ethereum, on the other hand, has also exhibited positive momentum, with a 2.6% gain over the last 24 hours. At the time of writing, the Ethereum price is $3,452. ETH nearly slipped below $3,000 at one point last week, but has been steadily climbing since Sunday morning.
BTC Volatility a Sign Traders Are Second Guessing Bitcoin Halving Positions: Beam CEO
Much of the recent Bitcoin volatility is a sign that traders are second-guessing whether they've priced in the upcoming halving—and it's entirely normal, Beam CEO Andy Bromberg told Decrypt. "What happens is people in the months before the having, the narrative about the price going up tends to pull things," he said. "And then right before the halving, everyone has this crisis of faith and you get into this whipsaw volatility." That's where Bromberg estimates the market is now. In just the past...
Still, Ethereum has seen its price increase 17% in the past month.
At the end of last week, the U.S. Securities and Exchange Commission again delayed its decision on an application to convert the Grayscale Ethereum Trust (ETHE) into a spot Ethereum ETF. It now has until May 30 to decide whether to approve, deny, or delay once again.
Meanwhile, execs watching and waiting for some good news on Ethereum ETFs are trying to find a silver lining for the world's second-largest cryptocurrency by market capitalzation.
“Spot Ethereum ETFs will gather more assets if they launch in December versus if they launch in May,” Bitwise Chief Information Officer Matt Hougan said on Twitter. “TradFi needs more time to digest the Bitcoin ETFs.”
