With less than 10,000 blocks remaining, the price of Bitcoin rises to $50,000 as the BTC halving approaches.
Posted: February 12, 2024 12:20 PM Updated: February 12, 2024 1:55 PM
briefly
Bitcoin (BTC) price has surged from $49,100 to $50,000, up 3.48%, with less than 10,000 blocks (9,834) left until the halving.
Bitcoin price (BTC) surged to $50,000 at 17:21 UTC on Monday, up 3.48% from $49,100. This surge follows significant investor interest in Bitcoin ETFs, which recorded inflows totaling $2.8 billion, indicating a strong appetite for Bitcoin exposure through regulated financial products.
Analysts believe this rise is due to anticipation surrounding the Bitcoin halving event, scheduled for around the 12th. There are less than 10,000 blocks (9,834) left until the event on April 18, 2024. Additionally, many analysts believe that Bitcoin halving events, which occur every four years, generally have a positive effect on Bitcoin price dynamics by reducing available supply, driving the momentum of Bitcoin’s price trajectory historically.
Bitcoin is currently trading at $50,057 (at the time of publication).
Digital asset investment market on the rise
CoinShares’ latest weekly report highlighted significant inflows into digital asset investment products such as Bitcoin ETFs. $1.1 billion came in over the past week, contributing significantly to the total to date of $2.7 billion.
According to the report, the total volume of digital asset investment products reached $59 billion, the highest since early 2022.
Bitcoin continues to dominate inflows, accounting for nearly 98% of total inflows. Positive price trends have strengthened investor sentiment for other major cryptocurrencies such as Ethereum and Cardano.
Ethereum attracted $16 million in inflows and Cardano attracted $6 million in investment inflows. Additionally, modest inflows were recorded in Avalanche ($500,000), Polygon ($400,000), and Tron ($400,000), reflecting diverse investor interest in various digital assets.
2024 marks Bitcoin’s fourth halving event, scheduled for April, and represents an important aspect of Bitcoin’s monetary policy to increase scarcity. Bitcoin’s supply growth rate, which initially exceeded 10%, has since declined to around 1.75%, with further declines expected during the halving event scheduled for April, bringing the rate to just 0.85%.
In a previous conversation with Metaverse Post, CoinFlip CEO and co-founder Ben Weiss predicted a variety of factors behind the expected price rise, including regulatory developments, institutional participation, and technological advancements.
“Bitcoin is the best-performing asset of the past 10 years. But from a technological standpoint, it’s still very similar to the Internet of the 90s. We have unlocked only a tiny fraction of its potential,” Weiss told Metaverse Post. “Overall changes such as halving, ETF approval, new regulatory frameworks, Layer 2 scaling solutions such as the Ethereum 2.0 upgrade, and the continued rise of stablecoins will all play a pivotal role in the trajectory of digital assets.”
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About the author
Victor is the Managing Technology Editor/Writer at Metaverse Post and covers artificial intelligence, cryptography, data science, metaverse, and cybersecurity within the enterprise space. He boasts of five years of media and AI experience working at renowned media outlets such as VentureBeat, DatatechVibe, and Analytics India Magazine. Having worked as a media mentor at prestigious universities such as Oxford and USC, and holding a Master’s degree in Data Science and Analytics, Victor is committed to keeping up with new trends. He provides readers with the latest and most insightful stories from the world of technology and Web3.
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Victor Day
Victor is the Managing Technology Editor/Writer at Metaverse Post and covers artificial intelligence, cryptography, data science, metaverse, and cybersecurity within the enterprise space. He boasts of five years of media and AI experience working at renowned media outlets such as VentureBeat, DatatechVibe, and Analytics India Magazine. Having worked as a media mentor at prestigious universities such as Oxford and USC, and holding a master’s degree in Data Science and Analytics, Victor is dedicated to keeping up with new trends. He provides readers with the latest and most insightful stories from the world of technology and Web3.