currencyjournals — Traders seem to have profited from a document rally within the common cryptocurrency, which hit an all-time excessive on Tuesday earlier than falling however forward of a pivotal halving occasion. Sentiment stays bullish.

Bitcoin () fell 8% to $61,682 after hitting a document excessive of $68,874 early Tuesday.

The decline got here as some massive buyers, so-called “Bitcoin whales”, sought to revenue from the document rally. However, expectations for additional good points in BTC forward of the anticipated halving occasion in April are supporting the rally.

Halving occasions, the place the variety of Bitcoins in circulation is halved, happen roughly each 4 years. The 2012, 2016, and 2020 halving occasions all preceded the earlier BTC bull market.

Bitcoin's all-time excessive adopted the launch of a spot-based Bitcoin exchange-traded fund in January, fueling demand for the cryptocurrency amongst institutional buyers. Latest knowledge from BitMex Analysis exhibits Bitcoin ETFs in america. It holds nearly 4% of all Bitcoins in circulation.