Bitcoin Halving Countdown: BTC Skyrockets to $71,000
As the much-anticipated Bitcoin halving approaches, Bitcoin (BTC) is celebrating the first day of April by climbing to $71,000.
However, as of writing, Bitcoin has returned to the $70,500 level.
Bitcoin is now 2,818 blocks away
This impressive rally comes on the heels of a major crypto market event, the Bitcoin halving, now 2,818 blocks away. Bitcoin halving is estimated to occur on April 21, 2024, according to the NiseHash calculation.
This incident was widely discussed on social media platforms such as X (Twitter) over the weekend. The Bitcoin halving itself has caused significant price movements in the digital currency market.
“The world is starting to talk about Bitcoin halving like any other global event. These are the first signs of an asset class moving toward mass adoption,” wrote Nishal Shetty, founder of crypto exchange WazirX.
Read more: Bitcoin Half Cycles and Investment Strategies: What You Need to Know
As BTC returned to $71,000, the Bitcoin Fear and Greed Index, a barometer of investor sentiment, entered “extremely greedy” territory at 79 points, according to data from Alternative.me. This shift reflects growing optimism among investors, which halves the expected supply stimulus.
At the same time, the total cryptocurrency market capitalization reached $2.827 trillion – an increase of 2.1% in the last 24 hours. This upswing reflects broader confidence in the market, accompanied by Bitcoin's impressive performance and speculative euphoria surrounding the halving.
Further highlighting the frenetic activity in the market, total liquidity in the last 24 hours has reached over $108 million, as reported by CoinGlass. This figure highlights the volatile nature of the market, with large sums exchanged as traders position themselves ahead of expected fluctuations.
While the crypto market is recovering, investors are also looking forward to upcoming macroeconomic data. This week's nonfarm payrolls and unemployment data could have a big impact on the broader financial markets.
Read more: How to protect yourself from inflation using cryptocurrency
Recent comments from Federal Reserve Chairman Jerome Powell may affect current optimism. As reported by BeenCrypto, Powell said that avoiding a recession is “definitely possible” for the US economy.
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