2024-02-10 11:18:34
The world’s most popular cryptocurrency, bitcoin, rose 5 percent today to a one-month high of $47,705, Reuters reported.
The upward trend in the price of Bitcoin comes against the background of an important event for the trading of this cryptocurrency, which is coming up in April. This is known as a “halving” and takes place approximately every four years or whenever 210,000 “blocks” are added to the blockchain. Within the framework of the event, the remuneration received by the “miners” of bitcoins – participants in the system who, on a voluntary basis, using specialized equipment, validate transactions in the network and create new tokens – is halved. The goal is to limit the number of bitcoins that are released to the market.
Proponents of the cryptocurrency argue that this could contribute to an increase in its price, as bitcoins will become harder to come by.
Another factor determining the rise in the price of the popular cryptocurrency is the decision in January of the US Securities and Exchange Commission (SEC) to approve the operation of several spot exchange-traded funds (ETFs) based on Bitcoin, BTA reported.
As of 19:50 Bulgarian time, 1 bitcoin was exchanged for 47,610 dollars.