With bitcoin ticking closer to $100,000, here’s a refresher on cryptocurrency
LA TimesBitcoin’s value rocketed more than 40% in just two weeks. Despite crypto’s recent excitement around Trump, McCarthy said that 2024 has already been a “hugely consequential year for regulation in the U.S.” — pointing to January’s approval of spot bitcoin exchange-traded funds, for example, which mark a new way to invest in the asset. Spot ETFs have been the dominant driver of bitcoin for some time now — but, like much of the cryptocurrency’s recent momentum, they saw record inflows postelection. In April, bitcoin also saw its fourth “halving” — a preprogrammed event that affects production by cutting the reward for mining, or the creation of new bitcoin, in half. Although it’s been a big month for crypto — and particularly bitcoin — there’s always risk for “correction,” or seeing prices fluctuate down.