April 19, 2024
Bitcoin News

Bitcoin Rebounds After Weekend Slump Amid Halving Anticipation

Bitcoin, the flagship cryptocurrency, had a rough weekend, plummeting near $63,000 before staging a stunning return, earning a 3% gain at the beginning of the week. The Bitcoin price is at $66,964, after a tiny 2.5% drop over the last week. Nonetheless, the cryptocurrency has risen by an astonishing 31% in the last month, aided by bullish sentiment among traders.

Anticipation Builds Ahead of Bitcoin Halving

With less than a month till the next Bitcoin halving, there is a lot of excitement and concern in the cryptosphere. According to NiceHash, the halving will take place around April 19, reducing miners’ rewards from 6.25 to 3.125 BTC. However, the exact date is unknown due to the nature of halvings, which take place every 210,000 blocks rather than on certain calendar days. This unpredictability, combined with the usual 10-minute block processing period, adds to the expectation and volatility of Bitcoin price swings.

Andy Bromberg, CEO of Beam, feels that the imminent halving would most likely increase Bitcoin’s volatility as investors cope with pricing adjustments.

Ethereum Rides Positive Momentum Amid Regulatory Delays

In contrast to Bitcoin’s rollercoaster ride, Ethereum has displayed a more stable trajectory, with a 2.6% gain in the last 24 hours. The Ethereum price currently hovers at $3,452, marking a notable 17% increase over the past month. However, regulatory hurdles persist as the U.S. Securities and Exchange Commission (SEC) delays its decision on the Grayscale Ethereum Trust (ETHE) application to convert into a spot Ethereum ETF. The SEC now has until May 30 to determine the fate of the ETF, leaving executives cautiously optimistic but bracing for further delays.

Matt Hougan, Bitwise’s Chief Information Officer, suggests that the delay could provide traditional finance (TradFi) more time to assimilate Bitcoin ETFs, potentially paving the way for greater acceptance of Ethereum ETFs, albeit at a later date.

Image by fabrikasimf on Freepik

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