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Reading: Bitcoin Surges 5% Ahead of April Halving: ETF Slowdown Spurs Rally
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Bitcoin price drop 2025
PhotoNews Pakistan > Business > Bitcoin Surges 5% Ahead of April Halving: ETF Slowdown Spurs Rally
Business

Bitcoin Surges 5% Ahead of April Halving: ETF Slowdown Spurs Rally

Web Desk
By Web Desk Published February 10, 2024 3 Min Read
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Photo: Crypto News
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Bitcoin’s price surged by 5% on Friday, hitting a one-month peak. Analysts attribute this rise to intensified purchasing activity in anticipation of the April halving event and a slowdown in the outflow from exchange-traded funds (ETFs).

The cryptocurrency reached a high of $47,705 during the session, its highest since January. This surge followed regulators’ approval of the first U.S. spot bitcoin exchange-traded products.

Bitcoin has increased by 3.5%, reaching $46,946, and is on track for a 10% weekly gain, the most significant since October. Meanwhile, Ether has seen a 2.5% increase, reaching $2,486.

After peaking at just over $49,000 in January, a two-year high, Bitcoin experienced a downturn, affected by profit-taking following the Securities and Exchange Commission’s approval of ETFs.

Contrary to other markets, Bitcoin’s decline occurred as stocks, bonds, and gold rallied, driven by expectations that central banks globally would reduce interest rates. Despite initial support for this view, economic data suggests rate cuts are unlikely soon. However, risk assets, including stocks, have appreciated with Bitcoin’s recovery.

Analysts indicate Friday’s price jump results from slowed ETF outflows and increased buying before the April halving. Joshua Mahony of Scope Markets highlighted the anticipation surrounding the halving event in two months, which is expected to reduce the rate at which new bitcoins are generated.

The halving, set for April, aims to decrease the reward for mining new tokens by half, slowing Bitcoin’s supply increase. With 19 million capped 21 million bitcoins already mined, traders anticipate the event could lead to significant price increases, as seen in past cycles.

Historically, Bitcoin prices have soared following halvings. For instance, six months after the 2012 halving, the price rose from $12 to $126. Similarly, significant price jumps were observed after the 2016 and 2020 halvings.

Markus Thielen of 10x Research noted Bitcoin’s performance during U.S. election years, aligning with halving events.

ETF outflows, particularly from Grayscale Bitcoin ETF, have eased, supporting spot crypto prices. After converting its bitcoin trust into an ETF in January, Grayscale experienced substantial outflows, which have since decreased.

Despite the recent dollar strength impacting cryptocurrencies, Mahony expects this effect to diminish.

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