Bitcoin (BTC) prices experienced a correction on Thursday, February 29, 2024, dropping over 2% after a surge earlier this week. This decline comes after the cryptocurrency briefly surpassed the $62,900 mark on Wednesday, February 28, 2024, reaching its highest point in over two years.
Following a significant upward trend in the past month, fueled by anticipation surrounding the upcoming Bitcoin halving event, the cryptocurrency reached a high of $62,944 on Wednesday.
This surge marked the first time Bitcoin had surpassed the $60,000 mark since 2021. As of writing on February 29, 2024 at 5:17 p.m. CST, Bitcoin is trading at 61,280.10, down approximately 2% on the session.
Despite the recent pullback, Bitcoin remains up significantly compared to earlier this year. The cryptocurrency has gained nearly 45% in the last month, and many analysts remain optimistic about its long-term prospects, particularly as the halving event approaches, and Bitcoin exchange traded products (ETPs) gain mainstream acceptance. The halving, expected to occur sometime in April 2024, and will see the amount of Bitcoin rewarded to miners cut in half, potentially impacting supply and influencing the price.
It is important to note that the cryptocurrency market is inherently volatile, and short-term price fluctuations are common. While the recent drop may signal a temporary setback, the long-term trajectory of Bitcoin remains uncertain and subject to various market influences.
