Bitcoin has surged to its highest level since April's halving. The cryptocurrency reached $67,422 on Friday, its peak since the April 19 event, Decrypt states.
This marks a significant rebound from its post-halving dip to below $57,000.
Designed as a feature of Bitcoin to make it deflationary, the idea is that the event will make sure that as time goes on, it becomes more difficult to make new virtual coins. Four halvings have now taken place, and after about a year following each one, the coin has typically risen in price. So it is exactly what is now expected from Bitcoin.
Until that happens, Bitcoin prices are driven by other reasons.
According to analysts, several factors have driven this resurgence. Geopolitical tensions and cooling hype around new spot ETFs initially led to uncertainty. However, investor confidence has steadily returned.
Bitcoin's designed deflationary nature, bolstered by the halving reducing miner rewards, continues to attract new investments, particularly through popular ETFs.
Despite this rise, Bitcoin remains below its all-time high of $73,737 set in March.