Bitcoin price surges beyond $65,000 as records beckon

Bitcoin has reached a two-year high today (Monday 4 March) as it jumped to above $65,000 in the early hours in Europe.

Monday (Mar. 4) has seen the price rise to $65,537 which is the crypto asset’s highest level since late 2021 when its all-time record of $68,999.99 was reached.

This substantial increase represents a 300% change since Bitcoin crashed to $15,000 after the collapse of the cryptocurrency exchange FTX.

Over the last few weeks, the currency has reached new peaks in various places in local terms, including in financially robust countries like China, Japan, UK, and India, as well as in emerging markets like Argentina, Turkey, and Egypt.

Most of this rise is said to have been seen this year, with U.S.-listed Bitcoin funds having surged in the last few weeks. Traders speaking with CoinDesk say ‘the asset is on the track to cross its lifetime highs of $69,000 in March.’

When what will happen after the Bitcoin Halving in 2024?

This is all happening ahead of the ‘halving’ which is to take place in April 2024 which happens roughly every four years (or 210,000 blocks) and sees the total number of bitcoin that miners can potentially win is halved. This last happened in May 2020, with the number of Bitcoins entering circulation dropped by half, going from 12.5 to 6.25.

Although no one knows what will happen after this event, there’s hope it’ll lead to a price increase. There have been three halving in total, occurring in 2012, 2016, and 2020.

In 2012, the price of Bitcoin started to rise shortly after the event took place. At the second one, in 2016, the price dropped by 10 percent but then went back to where it was before. At the last halving, bitcoin performed bullishly a full year after the event took place.

Featured image: Photo by Pierre Borthiry – Peiobty on Unsplash