The price of bitcoin has crossed the $8,000 threshold after gaining 4.5% in the last 24 hours. The cryptocurrency is now hovering around $8,070 as the bulls, and the bears battle it out over this price point. This is the first time Bitcoin has crossed above $8,000 since Black Thursday. The price of bitcoin suffered one of the worst intra-day losses ever and falling to as a low as $4,000 in mid-March after a dramatic market sell-off, the cryptocurrency has been on the uptrend ever since.
Bitcoin gains nearly 74% in just over six weeks.
The price of the leading cryptocurrency is over 74% in the last six weeks now. The price of bitcoin is now in the green compared to the start of the year. Bitcoin’s price is 18.3% up in the last seven days, with a 24-hour trading volume of $39,428,78e 795. The cryptocurrency started the year at just $7,200 and is now up 11% so far, making it one of the few financial instruments that managed to report gains during what can only be described as a tumultuous year.
Check BTCUSD Chart on TradingView.
Bitcoin halvening approaches.
The bitcoin halvening is scheduled to take place in the next two weeks. There has been a lot of speculation around how the halvening event would impact the price of bitcoin. Several experts believe that the halvening even would be a non-event for the price of bitcoin, while some believe halvening would be good for the leading cryptocurrency. The reward for each block mined would be reduced from 12.5 BTC to 6.25 BTC post halvening. Historically, each time after bitcoin halvening takes place, the price of bitcoin jumps to new heights after a few months of the event. Earlier, billionaire investor Tim Draper reconfirmed his bullish bitcoin prediction. He believes that the price of bitcoin would reach a quarter of a million dollars per Bitcoin by the year 2023.
