Bitcoin euphoria is back as investors prepare for the quadrennial ‘halving’
Bitcoin rose to $US50,000 on Monday for the first time in two years, fuelled by a rush of new-investor enthusiasm and growing anticipation over a cryptic-sounding event known as "the halving."
Bitcoin, the world's most popular cryptocurrency, dipped back into the high 40s on Tuesday, snapping seven straight days of increases, and it remains far from its all-time high of around $US69,000. But Bitcoin has staged a remarkable comeback over the past year and half, climbing more than 200 per cent from its 2022 low of $US16,000.
There are a few key forces forces driving the latest Bitcoin euphoria, including an influx of money from investors in newly launched Bitcoin exchange-traded funds (ETFs) and excitement over the halving, when the rate of Bitcoin production is slashed.
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