Bitcoin surges but how far will it go
The next halving event, expected in April, will reduce Bitcoin mining rewards, further tightening supply. Bitcoin-related equities initially rose but retreated after the cryptocurrency's pullback.
Bitcoin surged above $63,000 for the first time since November 2021, reaching nearly $64,000 briefly before retreating slightly. The cryptocurrency's price movement has caused significant liquidations of short and long positions.
With a record in sight, investors are motivated, particularly retail investors, following the launch of ETFs and upcoming halving events. Demand is outpacing supply, driving prices higher.
Kazi Mahmood
Bitcoin tightening supply
The next halving event, expected in April, will reduce bitcoin mining rewards, further tightening supply. Bitcoin-related equities initially rose but retreated after the cryptocurrency's pullback.
Coinbase experienced technical issues but closed higher. Overall, Bitcoin's rally continues, fueled by increasing demand and decreasing supply dynamics.
On the other hand, altcoins too are rallying, with BNB reaching more than $415.