Bitcoin Soars to $59,000, Even With Around 50 Days Left Until Halving

Bitcoin Maintains Steady Ascend, Crosses $59,000 Mark Amidst Anticipated Halving

In the past 24 hours, Bitcoin has sustained a steady rise, increasing by over 4% and crossing the $59,000 mark. The network anticipates a halving in around a month and a half, an event following which the reward for mining a block will reduce by half from 6.5 to 3.125 bitcoins.

Trading Volumes and Price Comparison

The trading volume of the leading cryptocurrency fell by 11% during the same time, moving roughly $43.6 billion worth of assets between exchanges and wallets. Bitcoin’s historical peak was reached on November 10, 2021 at $68,789, marking just a 15% difference with today’s price. The leading cryptocurrency shows no signs of slowing down its growth, closing in steadily on the $60,000 threshold.

MicroStrategy’s Bitcoin Acquisition

MicroStrategy made another purchase of 3,000 bitcoins amounting to $155 million, thereby raising their reserve to 193 thousand units of the leading cryptocurrency. Purchased for approximately $6.09 billion at an average cost of $31,544 per unit, if Bitcoin hits the $60,000 mark, the firm’s crypto asset will amount to $11.58 billion. The growth of cryptocurrency was facilitated by the high demand for Bitcoin ETFs in the US, with transaction volumes on the last trading day exceeding $3 billion.

Anticipated Bitcoin Halving

The most anticipated event in the Bitcoin ecosystem is the halving, a biennial reduction of mining rewards from 6.25 to 3.125 bitcoins per block. This is expected to occur between 18th and 20th of April, after another 840,000 blocks have been mined – a phenomenon that occurs approximately every four years. Analysts anticipate that after this event, Bitcoin’s price will surpass $100,000.

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