Bitcoin Hits $47,000 in Biggest Weekly Rally Since ETF Launch
TL;DR Summary
Bitcoin surged 5% to one-month highs, reaching $47,705, its highest since January, driven by increased buying ahead of April's halving event and a slowdown in outflows from exchange-traded funds. The cryptocurrency is up 10% for the week, its biggest weekly gain since October. Analysts expect a bumper 2024 for bitcoin following the halving, as historical trends suggest post-halving outperformance. The recent rise in the dollar has been a drag on crypto, but its effect is likely to wane.
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