Bitcoin is on the rise, reaching its highest value since the decline

After news of the halving event was announced on April 19, Bitcoin's price surged to record highs, hitting a recent high of $67,422 before plunging again on Friday.

According to CoinGecko data, the largest digital asset rose almost 3% in the previous day. In seven days, the coin has increased by more than 9%. It is now priced at $66,750. Bitcoin last hit today's high on April 13, more than a month ago.

Bitcoin is down due to halving – an event baked into the coin's code in four years – although experts say this is expected when it comes to decryption.

Geopolitical turmoil, the new position of exchange-traded funds (ETFs) and investor uncertainty surrounding the Federal Reserve's continued moves pushed the virtual asset below $57,000 last month.

It has been rising ever since, although Bitcoin is still well below the $73,737 peak set this March.

The Bitcoin halving took place late on April 19 in the United States. It has led to a halving of rewards to power-hungry miners who process transactions on the network from 6.25 BTC to 3.125 BTC.

Designed as a Bitcoin feature to avoid rejection, the idea is that as time passes, it becomes more difficult to create new virtual coins. Four halves have now taken place, and the coin has typically increased in value about a year after each.

Bitcoin's growth this year is largely thanks to new investors pouring money into the asset through the new space ETFs approved in January. The investment vehicles have become very popular with billions of dollars in revenue.

Edited by Andrew Hayward.