Bitcoin Rise Accelerates Ahead $47,000 Recovered

Bitcoin rise accelerates ahead of ‘halving’ $47,000 recovered. The price of Bitcoin, the leader in virtual currency, accelerated its upward trend and recovered to the $47,000 level.

According to Coinbase, a U.S. virtual currency exchange, on the 9th (local time), as of 11:40 a.m. Eastern (8:40 a.m. Western), the price per Bitcoin was $47,282, up 4.59% from 24 hours ago. It was traded at (62.95 million won).

This is the first time that Bitcoin has risen to the $47,000 level since the 11th of last month, and it also rose to $47,700 during the day. Bitcoin, which recovered to the $44,000 and $45,000 levels on the 7th and 8th, respectively, is expanding its rise by immediately rising to the $47,000 range. The increase this week amounts to about 10%.

At the same time, Ethereum, second in market capitalization, also rose 2.18% to $2,485. The analysis is that Bitcoin’s rise first reflects expectations of a rally ahead of the halving, which is expected to occur in April. Bitcoin mining volume decreases by half every four years, and this is because Bitcoin prices have soared in each of the past three halvings.

“Investors are preparing for the halving event, which is about two months away,” said Joshua Mahoney, senior market analyst at Scope Markets. “Given the post-halving pattern so far, investors will expect a boom this year assuming the trend continues.”

Sylvia Jablonsky, CEO of Defiance ETF, a U.S. asset management company, said, “The recent rise in Bitcoin’s price can be attributed to the inflow of funds into ETFs, optimism about halving, and general market momentum.” and analyzed.

“There have been parallels between Bitcoin and technology stocks in the past,” she continued. “Low interest rates, falling inflation, earnings growth and record breaking levels in indices like the S&P 500 certainly improve sentiment towards risk assets.” He added.

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