Ahead of schedule: Bitcoin is already at $63,000. Less than two months left until the halving [Updated]

Updated : by 20:15 Moscow time the rate is already above $63,000.

Bitcoin soared to nearly $60,000 today, helped by continued inflows into new Bitcoin ETFs. In February alone, the main cryptocurrency has already grown by almost 40%, which was the largest rally since December 2020.

Traders are actively investing in Bitcoin ahead of the April halving, when rewards for mining blocks will be halved, which should lead to an increase in the rate. In addition, the prospect that the Federal Reserve will implement a series of rate cuts this year has increased investor appetite.

“Bitcoin is being buoyed by support from continued flows into new spot ETFs and expectations for the April halving and June Fed rate cut,” said Ben Laidler, global markets strategist at retail investment platform eToro.

Picture of DALL-E

The value of all bitcoins in circulation exceeded $2 trillion this month for the first time in two years, according to crypto platform CoinGecko, and the price of the token itself has doubled in just four months.

Interest in larger ETFs has surged this week. The three most popular platforms, run by Grayscale, Fidelity and BlackRock, are seeing increasing trading volumes.

“Essentially, we are seeing the effect of ETFs ahead of schedule. Inflows into them picked up quickly last week and were sustained, and we think this reflects advisers getting into the market very quickly and starting selling ETFs to clients,” said Enigma Securities head of research Joseph Edwards.