Bitcoin spiked more than 20% in the last 24 hours in a bullish trend possibly driven by the expectations of the crypto community as the Halving approaches, an event that is scheduled to occur in less than two weeks.
Bitcoin leads the way
Today, Bitcoin (BTC) has reclaimed the $9,000 price level showing flashes of bullish progress, its price is at $9,040 looking to break the new $9,570 resistance, suggesting the beginning of an upward trend.
The halving is one of the most expected events in the cryptoverse. This mechanism is programmed in the Bitcoin software and once every four years it reduces by 50% the rewards given to the miners for validating the transactions of the network.
Satoshi Nakamoto created Bitcoin in 2008 in response to the great economic crisis of 2007. As part of his proposal to create a deflationary currency, he designed the halving as a way to ensure a steady, uninterrupted supply of new Bitcoins for more than a century —specifically until 2140, when the last of the 21 million Bitcoins will be put into circulation. Read More