Bitcoin surpasses the $72,000 mark amid anticipation for the upcoming halving event. After hovering around $71,500 for weeks, the cryptocurrency broke its downtrend. The total cryptocurrency market capitalization exceeds $2.68 trillion, with trading volume growing by approximately 50% to $150 billion.
As the fourth Bitcoin halving approaches in 12 days, miners are getting ready for tougher mining conditions. Bhutan’s Druk Holdings and Investments and Bitdeer Technologies Group are among those aiming to greatly increase their mining capacity. Analysis suggests mining costs could double to around $80,000 by the end of the month.
Institutional interest continues to grow following the approval of spot Bitcoin ETFs in the United States with financial giants like Citadel, Goldman Sachs, and UBS are actively participating. China Southern Fund, managing over $284 billion in assets, has applied to launch a spot Bitcoin ETF via Hong Kong.
Technical analysis indicates bullish momentum, with Bitcoin’s price aiming for $85,000. However, sustained closure above $74,000 in the coming days is crucial for maintaining this upward trajectory.
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