Bitcoin is booming and has hit its highest since the halving.

Bitcoin prices surged to their highest since the April 19 halving event, hitting a recent high of $67,422 on Friday before falling again.

The largest digital asset is up nearly 3% over the past day, according to CoinGecko data. In 7 days, the coin rose by more than 9%. The current price is $66,750. Bitcoin last hit its highest today, over a month ago, on April 13th.

Bitcoin fell after the halving (a four-year event reflected in the coin’s code), although experts said: decryption That was to be expected.

A combination of factors including geopolitical turmoil, cooling hype surrounding new cash exchange-traded funds (ETFs), and investor uncertainty surrounding the Federal Reserve’s next move has sent the virtual asset plummeting to below $57,000 last month.

Bitcoin price is still below its all-time high of $73,737 set in March of this year, but has been rising ever since.

The Bitcoin halving took place as late as April 19th in the United States. This halved the reward from 6.25 BTC to 3.125 BTC for each block processed by miners, a power-hungry task that processes transactions on the network.

An event designed into Bitcoin’s ability to create deflation is to make it more difficult to create new virtual coins over time. There have now been four halvings, with coin prices typically rising about a year after each halving.

Bitcoin’s rise this year has been largely thanks to new investors putting money into the asset through a new spot ETF approved in January. The investment vehicle has become incredibly popular and has brought in billions of dollars.

Editor: Andrew Hayward