Bitcoin Surges Past $71,000 Ahead of 'Halving' Event That Could Fuel Further Price Rally

Bitcoin rose above $71,000 on Monday ahead of its upcoming "halving" event on April 20th, which has preceded bull markets in the past.

The halving will reduce the rate at which new bitcoins are created by 50%, lowering supply.

Bets are rising on Bitcoin-related assets like Ordinals and BRC-20 tokens as traders anticipate a BTC price rally after the halving.

Ordinals trading volumes rose past major cryptocurrencies last week, led by NodeMonkes and Pups NFTs.

The BRC-20 category of tokens, which allows transferable tokens directly on the Bitcoin network, gained nearly 6% amid the bitcoin bullishness.