Bitcoin is 12% below its 52-day halving.

All eyes were on the price of Bitcoin on Wednesday as the number one cryptocurrency by market capitalization rose to $63,636 before falling to $59,557. Still, two months before the release, bitcoin is down 12 percent from its all-time high of $69,044 on Nov. 10, 2021.

The distance Bitcoin will close before matching its all-time high will continue to fluctuate. According to CoinGecko, the last time Bitcoin went above $63,000 was on April 12, 2021.

The price of Bitcoin started to rise to $60,000 on Monday, and before the price began to climb, the price of Bitcoin was $50,926. As of Tuesday, Bitcoin was trading at $56,737.

At 9 am EST on Wednesday, Bitcoin passed $63,000. The pump continued until 12 pm EST when the price dropped by $3,000 below $60,000. It stands at $61,240 at the time of writing, up more than 20% for the week and 11.2% away from its all-time high.

The US Securities and Exchange Commission's crackdown on several Bitcoin ETFs and the upcoming Bitcoin halving brought in a new flock of investors, boosting Bitcoin's price. The halving, a once-every-four-year milestone, is now expected to happen in 52 days, on April 21, although the exact date and time will depend on network activity.

Just yesterday, SkyBridge founder Anthony Scaramucci said that the rally has broken investors shorting bitcoin. Scaramucci continues to echo JPMorgan CEO Jamie Dimon's stance as a cautious investor while simultaneously calling for a shutdown of bitcoin by policymakers.

Scaramucci estimates that the upcoming Bitcoin halving will quadruple the price of Bitcoin from its previous $200,000 based on current market prices.

But Damon may have the last laugh. In an interview with CNBC at the annual JP Morgan Global High Yield & Leveraged Finance conference, Dimon noted that financial markets have the potential to change quickly and cautioned against focusing too much on short-term economic indicators at the expense of understanding long-term trends.

Edited by Ryan Ozawa.