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Bitcoin declined on Thursday after the US Federal Reserve decided to maintain interest rates unchanged and its indication that rate cuts might be delayed.
The global cryptocurrency market cap surged marginally by 0.28% to around $2.45 trillion in the last 24 hours.
Bitcoin rose 5.35 per cent to $70,850-level, as per data suggested by Coinmarket cap. The market capitalization of the oldest crypto current stood at $1.39 trillion mark.
Bitcoin reclaimed the $57,000 level for the first time since late 2021 in today's early trade, supported by investor demand through exchange-traded funds as well as further purchases by MicroStrategy Inc. The digital asset added as much as 4.4% to reach $57,039 before paring some of the jump to trade at $56,473 as of 10:22 am Tuesday in Singapore, Bloomberg reported.
One of the significant events of bitcoin is halving when the reward for mining is reduced by half. The last halving was done on May 11, 2020 while the next halving is scheduled to take place in the middle of 2024 following which the block reward will decline to 3.125 bitcoins.