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Bitcoin Halving Countdown: BTC Skyrockets to $71,000 Amidst Market Anticipation


As the much anticipated Bitcoin halving is approaching, Bitcoin (BTC) is marking the first day of April by climbing back to $71,000.

However, as of writing, Bitcoin has retraced to the $70,500 level.

Bitcoin Halving is Now 2,818 Blocks Away

This remarkable rally comes as the crypto market’s pivotal event, Bitcoin halving, is now 2,818 blocks away. NiceHash’s countdown reveals that Bitcoin halving is estimated to happen on April 21, 2024.

This phenomenon has been widely discussed over the weekend on social media platforms such as X (Twitter). Bitcoin halving itself has historically catalyzed significant price movements within the digital currency market.

“The world has started talking about Bitcoin halving like it’s any other global event. These are early signs of an asset class that is on its way to mass adoption,” Nischal Shetty, founder of crypto exchange WazirX, wrote.

Bitcoin (BTC) halving countdown.
Bitcoin (BTC) Halving Countdown. Source: NiceHash

As BTC stepped back to $71,000, the Bitcoin Fear and Greed Index, a barometer for investor sentiment, has tipped into “Extreme Greed” territory with a score of 79, according to data from Alternative.me. This shift indicates a growing optimism among investors, potentially spurred by the anticipated supply cut the halving event promises.

Further underscoring the frenetic activity in the market, total liquidations have hit over $108 million during the past 24 hours, as reported by CoinGlass. This figure highlights the volatile nature of the market, with significant sums shuffled as traders position themselves ahead of expected fluctuations.

While the crypto market is resurgent, investors also keenly watch upcoming macroeconomic data. This week’s Non-Farm Payroll figures and unemployment data could significantly impact the broader financial market.

Read More: How to Protect Yourself From Inflation Using Cryptocurrency

Recent Federal Reserve Chairman Jerome Powell’s comments may influence the current optimism. As reported by BeInCrypto, Powell stated that it’s “certainly possible” for the US economy to avoid a recession.

Top crypto platforms | April 2024

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Conclusion

In conclusion, Bitcoin is experiencing a significant rally as the much-anticipated halving event approaches. The price of Bitcoin has climbed back to $71,000, with the halving now 2,818 blocks away. This event has sparked discussion and anticipation in the crypto community, with many anticipating significant price movements as a result. Investor sentiment, as indicated by the Bitcoin Fear and Greed Index, has shifted towards “Extreme Greed” territory, reflecting growing optimism among investors. Additionally, total liquidations in the market have surpassed $108 million, highlighting the volatile nature of trading activity. As the market continues to show resilience, investors are also keeping an eye on upcoming macroeconomic data that could impact the broader financial market.

  • bitcoinBitcoin (BTC) $ 66,190.00
  • ethereumEthereum (ETH) $ 3,484.22
  • bnbBNB (BNB) $ 602.95
  • solanaSolana (SOL) $ 143.70
  • xrpXRP (XRP) $ 0.475299
  • cardanoCardano (ADA) $ 0.410813
  • shiba-inuShiba Inu (SHIB) $ 0.000020
  • polkadotPolkadot (DOT) $ 6.14