The BTC halving event is finally over, and with it, Bitcoin’s upward movements have returned, which were absent for almost a week and had stagnated.
Bitcoin has climbed up the price ladder in the last two days and looks set for a bullish trajectory. It all happened once the BTC halving event was over. At this juncture, Bitcoin’s upward movements look likely to continue for a long run this year. On the other hand, macroeconomic events could be the main triggers for the market.
With the halving cutting the number of BTC rewards for miners, demand may outpace the lower supply, probably pushing BTC upwards. Further, institutional investors have also echoed similar bullish sentiments and played an active part in the BTC rally this year.
Major investment firms and corporations have allocated slices of their portfolios to Bitcoin, including those like MicroStrategy and ARKInvest. It lent legitimacy and stability to the crypto market, potentially attracting even more investors, who may have driven the prices higher.
The BTC halving event also led to improving inflows in the spot Bitcoin ETFs, which picked up after April 19. Except for the Grayscale ETF, all other US spot Bitcoin ETFs recorded inflows. Meanwhile, an altcoins recovery has also taken place in the crypto market.
The likes of SOL and ETH surged, along with TON, SHIB, and DOGE.
BTC/USD 1D price chart
Bitcoin is currently trading at around $65,000 on April 21, 2024, with BTC/USD trading higher by a margin of 1.67% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.28 trillion in the last 24 hours.
BTC/USD is trading below its 20-day EMA (67,509.42), as BTC’s 24-hour volume was at around $22 billion. The global crypto market cap increased by around 4.72%, trading above $2.35 trillion. BTC’s year-to-date returns are at 52.61%
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