Reserve Dollar

Bitcoin

April

Reserve

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<p><a href="https://u.today/bitcoin-btc-ready-for-new-all-time-high-top-trader" rel="noopener noreferrer nofollow">Bitcoin</a>, the preeminent cryptocurrency, has surpassed a significant milestone, trading above $70,000 for the first time in its history, according to data from Bitstamp.&nbsp;</p>
<p>The leading digital currency hit an intraday high of $70,184 before retracing back to the $68,000 level. &nbsp;</p>
<p>According to CoinGlass data, total liquidations amounted to $258.56 million over the past 24 hours, with long positions accounting for $120 million and short positions $138.56 million.&nbsp;</p>
<h2 id="surging-interest-in-bitcoin-etfs">Surging interest in Bitcoin ETFs</h2>
<p>The surge in Bitcoin's price comes amidst a notable increase in investor interest, particularly in Bitcoin exchange-traded funds (ETFs).&nbsp;</p>
<p><a href="https://u.today/50000000000-bitcoin-etfs-smashed-through-major-milestone" rel="noopener noreferrer nofollow">Bitcoin ETFs</a> experienced a significant influx of capital, with reported inflows totaling $563 million on the previous day. In stark contrast, gold ETFs saw outflows amounting to $85 million.</p>
<p>This indicates a growing confidence in Bitcoin as a store of value, potentially eating into the market share traditionally held by gold.</p>
<h2 id="the-u-s-jobs-data">The U.S. jobs data &nbsp;</h2>
<p>The buoyancy in Bitcoin's value also shows its increasing correlation with the stock market, which saw a positive response to the strong February jobs data.&nbsp;</p>
<p>The stock market's uptick, driven by expectations of a Federal Reserve rate cut, has further strengthened investor sentiment across various asset classes.&nbsp;</p>
<p>As <a href="https://u.today/ethereum-eth-approaching-4k-first-time-since-late-2021" rel="noopener noreferrer nofollow">reported by U.Today</a>, the S&amp;P 500 index recently reached yet another all-time peak. &nbsp; &nbsp; &nbsp;</p>
<h2 id="the-anticipated-halving-event">The anticipated halving event</h2>
<p>Another contributing factor to Bitcoin's rise is the anticipation of the upcoming "halving" event. This pre-scheduled process, occurring approximately every four years, cuts the reward for mining Bitcoin transactions in half, effectively reducing the rate at which new Bitcoins are created.&nbsp;</p>
<p>The next halving is projected to happen on April 20, with current progress at 97% and just 6,262 blocks remaining until the halving block of 840,000. This scarcity mechanism historically triggers a bullish sentiment as supply growth slows down.</p>

Key Reasons Why Bitcoin (BTC) Just Hit $70,000

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