According to The Block's price page, Bitcoin price has surpassed $71,200, with an intraday jump of 2.4%.
Bitcoin has broken through $70,000 for the second time in recent days, surpassing this milestone for the first time on March 8.
At that time, Bitcoin price reached a high of over $70,000, followed by a rapid decline into the mid-$68,000 range. A few days later, it rose again to $71,000, reaching an all-time high.
Bitcoin’s recent rally was fueled by the launch of spot Bitcoin ETFs in the US. These ETFs have acquired an additional 177,000 Bitcoins since their launch, on top of the 621,000 that Grayscale's Bitcoin Trust – now an ETF – already had, managing 4% of all Bitcoins in circulation.
The amount of Bitcoins put into circulation will also decrease in just over a month. The Bitcoin halving is currently estimated to take place on April 19th, but that is subject to change. This causes the block rewards to drop from 12.5 Bitcoin per block to 6.25. This will reduce the amount of Bitcoin issued daily by around 900 Bitcoin, worth around $73 million.
Meanwhile, the largest cryptocurrency, Ether (ETH), is trading just below $4,000 and is up 1.2% to around $3,990 today. The GM 30 index, which represents a selection of the top 30 cryptocurrencies, is up 1.75% to 154.6 in the last 24 hours.
Disclaimer: The Block is an independent media company providing news, research and data. As of November 2023, Foresight Ventures has been the majority investor in The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The block continues to operate independently to provide objective, meaningful and timely information about the crypto industry. Here you will find our current financial reports.
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