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.
Read more: Bitcoin Halving Cycles and Investment Strategies: What To Know
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.
Simultaneously, the total cryptocurrency market capitalization has witnessed a notable ascent, reaching $2.827 trillion—a 2.1% increase within the last 24 hours. This uptick reflects a broader confidence permeating the market, buoyed by Bitcoin’s stellar performance and speculative excitement surrounding the halving.
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.
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