Bitcoin Price Rallies to $50K as BTC Halving Approaches with Less Than 10,000 Blocks Remaining
In Brief
Bitcoin (BTC) price surged to $50,000 with a 3.48% rise jumping from $49,100, with less than 10k blocks (9,834) remaining until halving.
Bitcoin’s price (BTC) surged to $50,000 with a 3.48% rise on Monday, jumping from $49,100 at 17:21 UTC. This surge follows significant investor interest in Bitcoin ETFs, which have amassed total inflows of $2.8 billion, indicating a robust appetite for Bitcoin exposure through regulated financial instruments.
Analysts attribute this rise to the anticipation surrounding the imminent Bitcoin halving event scheduled for approx. April 18, 2024 with less than 10,000 blocks (9,834) remaining until the event. Many analysts also believe that the Bitcoin halving event, occurring every four years, typically positively impacts Bitcoin’s price dynamics by reducing the available supply, historically propelling momentum in Bitcoin’s price trajectory.
At present, Bitcoin is trading at $50,057 (at time of publishing).
Digital Asset Investment Market on the Rise
A recent weekly report from CoinShares highlighted significant inflows into digital asset investment products like Bitcoin ETFs, with an influx of $1.1 billion during the past week, contributing significantly to a year-to-date total of $2.7 billion.
The report indicates that digital asset investment products’ total scale has reached $59 billion, marking the highest level since early 2022.
Bitcoin continues to dominate inflows, accounting for nearly 98% of the total inflow volume. Positive price trends have also boosted investor sentiment toward other major cryptocurrencies like Ethereum and Cardano.
Ethereum attracted inflows of $16 million, while Cardano received $6 million in investment inflows. Additionally, minor inflows were recorded for Avalanche ($0.5 million), Polygon ($0.4 million), and Tron ($0.4 million), reflecting diversified investor interest across various digital assets.
2024 marks Bitcoin’s fourth halving event, scheduled for April, representing a crucial aspect of Bitcoin’s monetary policy to enhance its scarcity. Initially exceeding 10%, Bitcoin’s supply growth rate has since declined to approximately 1.75%, with further reductions anticipated during the forthcoming halving event in April, bringing the rate down to a mere 0.85%.
In a previous conversation with Metaverse Post — Ben Weiss, the CEO and co-founder of CoinFlip had predicted range of factors behind the expected price rally, including regulatory developments, institutional involvement and technological advancements.
“Bitcoin is the best-performing asset of the past decade; however, from a technological perspective, it is still very similar to the internet in the 90s. We’ve only unlocked a small fraction of its potential,” Weiss told Metaverse Post. “Overall shifts like the halving, ETF approvals, emerging 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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Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.
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Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master's degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends. He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.
