Bitcoin Goes Above $65,000 on ‘Halving’ Day

This article originally appeared on Quartz.

After days of tumultuous trading, Bitcoin finally returned to above the $65,000-level Friday morning, thanks to its big “halving” event. The jump in Bitcoin price is a relief for investors after analysts at big banks including JPMorgan and Goldman Sachs have been less confident about the top cryptocurrency in their recent reports.

The Bitcoin “halving” event will cut the reward miners get for creating new Bitcoin in half, from 6.25 Bitcoin to 3.125 Bitcoin. Halving is an integral part of the Bitcoin blockchain system, which creates a monetary system that controls inflation. Halving happens every four years.

The positive sentiment spread across the crypto sphere, lifting the global crypto market cap to $2.35 trillion, 4% higher than the previous day, according to CoinMarketCap.

On Friday morning, Ether, the second-largest cryptocurrency by market cap, crossed the $3,000 mark after days with a nearly 2% jump. Ethereum-killer Solana was trading at $143, a 7% hike in the past 24 hours. Top memecoins such as Dogecoin and Shiba Inu also rose 4% each, trading at $0.15 and $$0.00002296, respectively.

#BitcoinHalving was trending Friday morning on X as crypto fans celebrates the event. The crypto community is watching Bitcoin and other cryptocurrencies closely during and after the halving.

There has been a lot of discussion about this year’s Bitcoin halving differing from all previous such events, primarily because the top cryptocurrency’s price reached its peak a month before the halving event. That has never happened before. Also, the approval by the SEC to spot Bitcoin ETFs has benefited the cryptocurrency industry as a whole.