Bitcoin held on Monday to most of the gains made over Thanksgiving week, with continued anticipation regarding the coin’s upcoming halving event and optimism surrounding the still-unconfirmed approval of a spot Bitcoin ETF keeping the cryptocurrency hovering near highs not seen in well over a year.

The world’s top cryptocurrency currently sits at $36,940 according to data from CoinGecko. That’s a slight 3.27% drop from Friday, when Bitcoin smashed through $38,000 for the first time since the crypto market’s collapse in May 2022.  

All in all, BTC appears to be generally accumulating—and retaining—value in anticipation of multiple events likely slated for the new year. 

In April, the cryptocurrency is set to undergo its latest “halving”, which will reduce the amount of BTC available to be claimed through Bitcoin mining by 50%. Given the likely proportional drop in new BTC flooding the market that the occasion is set to trigger, many anticipate the event will deflate BTC market supply, and therefore increase the coin’s price. 

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Author: Sander Lutz

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