Bitcoin and Ethereum Prices Surge After Halving Event: Bitcoin Hits $66,000
Bitcoin and Ethereum have seen a resurgence in prices following the recent halving event, with Bitcoin hitting $66,000 and Ethereum also experiencing gains. The halving event, which saw the block reward for Bitcoin miners reduced, is typically a bullish catalyst for the crypto market.
According to Decrypt, Bitcoin is up 1.6% in the past day, reaching $66,000 for the first time in a week. The halving event also led to a spike in transaction fees for Bitcoin, with the average fee soaring to an all-time high of $127 over the weekend.
Experts at IntotheBlock believe that Bitcoin is currently sitting at a strong support level, making it more resistant to downward pressure. They point out that 1.66 million addresses have purchased Bitcoin at an average price of $64,800, which could act as a strong support level in the future.
Ethereum also saw a price surge above $3000 on Friday and has managed to remain above $3200 throughout the weekend. Analysts believe that the future looks promising for both Bitcoin and Ethereum, as Hong Kong has conditionally approved Spot ETFs for both assets. This approval could potentially bring $25 billion worth of liquidity into the market and reduce unease about cryptocurrencies in the region.
