Bitcoin Update: Pioneering cryptocurrency near $69K mark amidst liquidity boost – DECODED

Updated April 13, 2024 | 06:46 pm Eastern Time

little piece of gold

Photo : ET now digital

The Bitcoin halving is expected to occur between April 16 and 17.

Both bitcoin and precious metals such as Gold and Silver have been experiencing notable price movements in recent times, attracting the attention of both investors and financial analysts. Bitcoin is in the spotlight as a pioneer cryptocurrency is going through the Bitcoin halving process.

The cryptocurrency market has seen significant movement over the past 24 hours, with several key digital assets experiencing notable price fluctuations. Bitcoin (BTC), the leading cryptocurrency by market capitalization, has shown an increase of 4.41% in the last 24 hours, currently trading at $67,613.20. This increase in price has contributed to Bitcoin's market capitalization reaching an impressive $1,330,714,407,312, indicating strong investor interest and demand for the digital asset.

Ethereum (ETH), the second largest cryptocurrency, has also shown a positive trend, with an increase of 6.45% in the last 24 hours, taking its price to $3,283.61. Ethereum's market capitalization is $394,264,916,159, reflecting its significant presence in the cryptocurrency market. The upward movement in Ethereum price can be attributed to several factors, including the growing adoption of decentralized finance (DeFi) applications and anticipation around Ethereum 2.0 upgrades.

Fluctuation of futures and gold prices

Gold futures contract expiring June 5, 2024 shows positive price movement, opening at ₹71,999.00 and closing slightly higher at ₹71,920.00, marking a marginal absolute change of ₹77 .00 or an increase of 0.11%. This contract was traded in 14,099 lots with an open interest of 22,747 lots, indicating active participation in the market.

On the other hand, the silver futures contract expiring on May 3, 2024 saw a similar trend, opening at ₹83,239.00 and closing at ₹83,040.00, with an absolute change of ₹227.00 or an increase of 0.27%. The Silver contract recorded a volume of 37,874 lots and open interest of 25,969 lots, reflecting significant trading interest among investors. These futures contracts are vital tools for traders and investors to manage risk and speculate on the future price movements of gold and silver in the commodities market.

Bitcoin Halving Effect

Bitcoin halving refers to the default event on the Bitcoin network where the reward for mining new blocks is cut in half. This occurs approximately every four years or after 210,000 blocks are mined. The purpose of the halving is to control the supply of Bitcoin, turning it into a deflationary asset. This event has a significant impact on the Bitcoin ecosystem, often leading to increased scarcity and potentially influencing its price dynamics. Halving events are closely followed by traders, investors, and miners as they can have profound effects on market sentiment and the overall Bitcoin economy.

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