From Investing.com: 2024-04-12 03:00:40

Bitcoin price edged higher on Friday, nearing record highs thanks to U.S. inflation data. Anticipation of the upcoming halving event, reducing new Bitcoin generation, is also supporting the token. At 03:00 ET, Bitcoin was at $70,965, not far from the $73,750 high last month.

The halving event, expected next week at block no. 840,000 on the Bitcoin blockchain, will halve the rate of new Bitcoin mining, impacting industry revenues and triggering consolidation. JPMorgan estimates a 30-40% decline in industry-wide gross profits and up to 13% drop in network hashrate.

Crypto prices traded mixed after U.S. inflation data. Second-ranked crypto fell 1.4% to $3,536.1, dropped 0.2%, and rose 1%. Traders are picking favorites amidst confusing U.S. inflation data. The inflation picture could impact the crypto market depending on the Federal Reserve’s actions, potentially making Bitcoin a hedge against a weakening dollar.

Binance led centralized exchanges in trading volume gains, doubling volume from February to record $1.15 trillion in March. Spot trading volume saw a 134% increase month-over-month, while derivatives market volume gained 47%. This increase in trading activity is attributed to the ongoing bull market fueling interest in cryptocurrencies.

Read more at Investing.com: halving event looms large By Investing.com