After days of tumultuous trading, Bitcoin finally reached $65,000 Friday morning, thanks to its big halving event. The jump in Bitcoin price is a relief for investors as giant banks such as JPMorgan and Goldman Sachs were less confident about the top cryptocurrency in their recent reports.
The event will divide the incentives of miners in half, from 6.25 Bitcoin to 3.125 Bitcoin. Halving is an integral part of the Bitcoin blockchain system, which creates a monetary system that controls inflation. Halving cuts the reward for mining new Bitcoin by half and happens every four years.
The positive sentiment spread across the crypto sphere, lifting the global crypto market cap to $2.35 trillion, 4% higher than the previous day, according to CoinMarketCap.
On Friday morning, Ether, the second-largest cryptocurrency by market cap, crossed the $3,000 mark after days with a nearly 2% jump. Ethereum-killer Solana was trading at $143, a 7% hike in the past 24 hours. Top memecoins such as Dogecoin and Shiba Inu also rose 4% each, trading at $0.15 and $$0.00002296, respectively.
#BitcoinHalving was trending on X Friday morning to celebrate the event. The crypto community is watching Bitcoin and other cryptocurrencies closely during and after the halving.
There has been a lot of discussion about this year’s Bitcoin halving differing from all previous such events, primarily because the top cryptocurrency’s price reached its peak a month before the halving event. That has never happened before. Also, the approval by the SEC to spot Bitcoin ETFs has benefited the cryptocurrency industry as a whole.
