Bitcoin Surges to $50,000 on Halving Frenzy and New Investor Optimism
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Bitcoin rose to $50,000 on Monday for the first time in 2 years, fueled by new investor enthusiasm and anticipation over the upcoming "halving" event.
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The "halving" automatically reduces the rate of new bitcoin entering circulation, occurring every 4 years, which in theory pushes up the bitcoin price.
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There's excitement that bitcoin could hit $69,000 or even $100,000 in the next 12-18 months following the upcoming halving, based on historical price jumps.
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The halving comes just months after the launch of the first US spot bitcoin ETFs, which have brought in $2.8 billion in inflows since January.
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The psychology and volatility around the halving can create dramatic price swings, with investors betting on or bailing out around the event.