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Bitcoin bounces back above $64K as halving approaches

Seana Smith
·Host

Following escalations between Israel and Iran, bitcoin prices (BTC-USD) have seen some bounce back in price after dropping from their all-time high in recent weeks. Investors have moved into other assets while the bitcoin halving event approaches this weekend.

Yahoo Finance Senior Reporter Ines Ferre breaks down the recent movements in bitcoin and crypto stocks after rising tensions in the Middle East and the advent of bitcoin's halving.

Want to learn more about the bitcoin halving? Watch this video from Yahoo Finance for a quick explainer: Bitcoin halving: Explained

For more expert insight and the latest market action, click here to watch this full episode.

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This post was written by Nicholas Jacobino

Video transcript

SEANA SMITH: Bitcoin bouncing back this morning as tensions in the Middle East heat up. Joining us now for the latest on the move higher that we're seeing in the cryptocurrency is Yahoo Finance's Ines Ferre. Ines.

INES FERRE: Yeah, Seana. And Bitcoin fell overnight to below $60,000 before bouncing back once investors realized the retaliatory attack against Iran was limited. Now, this rally also comes ahead of the upcoming halving for Bitcoin. Halving is when rewards for Bitcoin miners are cut in half, and it happens every four years.

Now, miners also may be selling to shore up some of their balance sheets. Net flows through spot ETFs have been negative this past week. That also has been putting pressure on Bitcoin prices. The cryptocurrency hit an all-time high back in March at $73,000, just above $73,000 per token.

Right now we're looking at the prices at just above $64,000 per token. And if we just go to the WIFI Interactive, we will be able to see some of the price action with Bitcoin up 8/10 of a percent. Remember that Bitcoin trades out in 24/7 basis. Year-to-date up 45% for Bitcoin.

We've also been watching some of the Bitcoin-related stocks as well. Just to take a look at where we're at. We're watching a little bit of a mixed reaction there. Marathon Digital up 1/10 of a percent. We've also been watching-- let me pull up a year to-- Riot, also some of the Bitcoin miners here.

But let me pull up a year-to-date chart so you can see some of the action. Coinbase up 25% year-to-date. 90% higher for MicroStrategy, which holds a ton of Bitcoin. So, we are still seeing that prices. Even though we've seen a lot of volatility over the last couple of weeks with Bitcoin and Bitcoin-related stocks, we're seeing that year-to-date, they're still up on the cryptocurrency side.